Developing new products is expensive. Not just the dollars spent but the vast amount of internal time it swallows up. Despite management enthusiasm, most products fail. But this failure rate can be reduced simply by following a sound New Product Development system.
There are several benefits to a New Product Development System.
- Increases the probability of success. It ensures a thorough process that weeds out ideas with a lower chance of success.
- Fails Fast. It will quickly identify ideas with a lower chance of success so that the investment in those poor ideas is limited.
- Manages Senior Management Ideas. If you have worked in new product development for any period of time, you will agree with this statement – Many of the worst ideas come from senior management. Placing these ideas into the process will allow you to provide leadership with objective feedback on their ideas.
- Norms. By taking all new ideas through the same process, you will develop your own norms for success.
Take control of your New Product efforts by creating a process.
Feel free to download our New Product Development process diagram. Our treat.
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