July 21, 2016
Product development is the lifeblood of a successful manufacturing company.
But in many cases it can also be a double-edged sword.
On the one hand, products that are successful will pay for their development costs many times over. On the other hand, those that fail to hit the mark can spell financial disaster.
So how do you explore lucrative new ground, without exposing your business to unnecessary risks?
A staged approach to product development
An intelligent way to tackle this dilemma is through a staged approach to innovation. A process whereby a product’s viability is assessed at specific ‘go’ or ‘no’ points. By taking one careful step at a time, manufacturers can either ditch an idea that falls short at any point, or invest in the next stage of development.
While this is not a new concept, decisions at these various stages have historically been based on limited data.
The result is that some products with high expectations still meet with a lukewarm response, and others with genuine potential are often pulled too early.
Integrated information for better decisions
With substantial advancements in technical capability, today’s manufacturers can now implement a staged approach to innovation with greater certainty and speed than ever.
By creating a secure and collaborative environment that connects your entire development ecosystem, modern manufacturing solutions consolidate information from multiple sources in real time.
This allows you to quantify the costs of innovation, assess product performance, evaluate market potential, project time required for launch, and measure profitability with more accuracy.
And because this technology also connects important aspects of your supply chain network, once a decision to launch has been made, you’ll be able to get your new products to market faster than ever.
Learn more about consolidating your streams of data for more profitable product development.