Customers are always on the lookout for new and improved products and services. Moreover, the rise in competitive pressures has made it necessary for companies to differentiate themselves. To stay relevant and keep up with the latest trends, new innovations must be launched quickly and efficiently. If not done properly, product launches may fail and become fruitless. New Product Development (NPD) plays a crucial role as the main driving force of organic business growth, but to add new products and services to their range of offerings, companies must make improvements to their infrastructure. With a focus on growth, an increased number of stakeholders are involved in planning, defining, and managing complex product portfolios.
Furthermore, today's innovation process goes beyond internal stakeholders and involves outsourced development partners. These pressures bring about many challenges when it comes to managing product development effectively. There is a high potential for errors on the path from ideation to product launch when using unstructured processes, causing the rollout of products to be costly and prolonged. While it is important to launch products quickly, doing so effectively means managing and controlling the entire product lifecycle. The solution to these challenges involves laying a solid foundation for processes - or a system of processes - to simplify behind-the-scenes management of new product development.
This white paper outlines the importance of new product innovation, different process methods, and best practices for optimizing your company's strengths. We also explore the value of utilizing outsourced suppliers in product development and how to effectively collaborate with them to optimize product strategy, innovation, and development to help you get to market faster. By truly understanding what is happening at every stage of your process, companies can simplify and streamline new product development for success.