New Product Development

Get New Products to Market Faster & On-Budget

Developing new products is NOT optional. Eliminating non-value-added activities in your new product development process will help you:

  • improve speed to market
  • increase market penetration
  • meet deadlines and sales targets with ease
  • choose strategic priorities and meet budget constraints

As products age, they lose their uniqueness and profits erode. Worse yet, your customers could decide to buy a competitor’s new technology that more efficiently solves their problem. Sales flatten out or even decline when you’re not actively developing new products.

Develop New Products that Maintain Profit Margins

The rate of change and the pace of innovation in today’s market dictate that companies must continuously develop new offerings. To maintain profit margins, about 20% of your product mix should be new products (launched within the last two years).

You need a well-defined, efficient process for developing new products that meet/exceed customer expectations to:

  • improve productivity
  • reduce lead time to get new parts to customers and new products to market
  • increase margins/profitability from new parts or products and services

Put Best Practices to Use in New Product Development

A strong methodology for product selection is based on customer needs, and your company goals and capabilities. We can help you evaluate and benchmark your current practices in:

  • selecting and prioritizing new products
  • mitigating risk
  • managing resources
  • optimizing the work flow

With a primary emphasis on speed to market, we’ll compare your processes against best practices. Through a combination of workshops and value stream mapping exercises, we’ll help you scale the common stumbling blocks which can delay or halt new product development. Your new product development process will cover:

  • ideation
  • project selection, prioritization, and planning
  • resource capacity management
  • customer voice
  • risk management
  • market intelligence
  • workflow management & communication

Don’t miss crucial windows of opportunity. Get on your way to regularly delivering the new products your customers value most.