$5$:$2679\%$ Edit questionSEARCHDEF Innovations operates in a highly regulatedindustry, demanding meticulous adherence to standards and rapid adaptation to technological advancements. The company's expertise lies in developing intricate products through a complex lifecycle involving cross$-$functional collaboration, regulatory scrutiny, and innovation integration. The current challenge subtly lies in maintaining a delicate balance between compliance and innovation. Regulatory approval processes pose unpredictable delays, and fostering a culture of innovation within the structured environment proves elusive. Unraveling the intricacies of managing cross$-$functional teams further complicates the scenario. The real issue is hidden within these complexities, demanding a nuanced approach to optimize the product development lifecycle.Instructions:Review the current product development lifecycle and identify areas for improvement. Apply advanced process redesign heuristics to enhance the process's efficiency, compliance, and innovation. Provide a comprehensive rationale for each proposed change, considering the impact on cost$,$ time, flexibility, and quality.$<$