With regard to promoting the competitiveness of customer companies, the significance of services perceived as support services increases as competition becomes more intense. This perspective is clearly steering L&T’s product development that engages in systematic innovation to create the best service solutions possible.
The task of product development is to be responsible for the competitiveness of our service product range and help the company in achieving its growth targets. The task of centralised product development is to plan product development operations, steer the product development process and implement development projects.
An update of the product development strategy carried out in the spring of 2006 clearly increased the targets for launching new service products, and differentiation from the customer’s perspective was chosen as a key criterion for the assessment of operations. As part of the implementation of the updated strategy, product development was linked as an integral part of the customer relationship process, and its operating models were reformed. The consequences have included a substantial cut in the delivery cycle of the product development process and strengthened co-operation with customers. New service products are launched almost every month.