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Abstract
There is a latent prerequisite of skilled human capital with high-brain, high-tech and high-expertise towards modernized techno-driven conglomerates. It is observed that a dynamic change is happening around. New product development has become a need of hour. New product development may be done to build up an item to compete with a particular product or may be done to improve an already established product. New product development is crucial to any business that must adjust with market trends and changes. Varying situations create new demands and needs safeguarding a distinctive competitive advantage to sustain and boost sales through replacement products, to shape up the company’s future and fulfil the everchanging customer preferences. Innovation has become the norm for survival. Digitization has brought up unparalleled changes and growth in business sphere. Those have given strong ability, greater insight, broader opportunity through top-notch technology in complex business processes.