Most organizations recognize “Speed-to-Market” as a key to excellence in new product development. But to gain true competitive advantage and true excellence, two complementary factors should be added to a singular push for speed. These two factors need to be managed across a full process architecture supporting new product development. The first factor is “Strategic Impact.” This includes such measures as increased revenue, greater market share, profit gain, and improved customer satisfaction. If a new product development output provides little strategic impact, the fact that it accomplished rapidly may be inconsequential.
The second factor is “Resource-Use Efficiency.” This includes such measures as man-days-to-complete and incremental cost of development. It is about using your resources as best you can, for the both speed and strategic impact. Competitiveness requires organizational efficiency. The bottom line is that the correct emphasis on speed, strategic impact, and resource-use efficiency is needed in order to advance the organization’s overall capability in new product development.
Implementation initiatives that drive strategic impact and resource use efficiency, however, can be at odds with the forces that push speed. Often, speed or time-to-market initiatives are well entrenched in organizations. All organizations desire an new product development (NPD) process that delivers new products with greater strategic impact, using far less resources, and doing it all faster than ever. But wanting it and establishing the best new product development process are entirely different.
World-class organizations embrace strategic impact, resource-use efficiency, and speed-to-market… concurrently. To do this, though, they must deploy and streamline a full architecture of process, inclusive of six complementary NPD sub-processes.
New product development sub-process within full architecture:
- Product Line Planning (and Technology and Market Road Mapping)
- New Concept Generation
- Concept Feasibility and Assessment (Market and Technical)
- Stage-Gate Development
- Product Management (Life Cycle and Retirement)
- Portfolio and Pipeline Management (across full architecture, not just stage gate)
Establishing or implementing this full, front-end to back-end new product development process architecture in a timely manner is critical to driving the productivity of innovation investments.
As one Adept Group client said, “A front-end to back-end NPD Process is the goose that lays the golden eggs of innovation.”
If your organization seeks meaningful strategic gains in new product development productivity, please contact us to discuss the details of the full NPD architecture and explore the dimensions of successful implementation. We would be glad to describe the nuances of these processes and discuss how your organization can benefit from them quickly.
To learn more, please contact us by phone at +01-904-373-5428.