To achieve success in today's ever-changing and unpredictable markets, competitive businesses need to rethink and reframe their strategies across the board. Instead of approaching new product development from the inside out, companies have to begin by looking at the process from the outside in, beginning with the customer experience. It's a new way of thinking-and working-that can transform companies struggling to adapt to today's environment into innovative, agile, and commercially successful organizations.

Companies must develop a new set of organizational competencies: qualitative...