New product development

Regardless of which type of product you are developing, a systematic process for moving a new product from idea through development to launch is required for all but the most minor incremental products. A structured development process allows the information gathered from the customer in the early stages of the process to impact and drive the product decisions made throughout the development, resulting in the largest benefit for the organization. According to an early PDMA study of 383 firms, the top companies are more likely to use some form of formal NPD process, and 60 percent of firms use a Stage-Gate process. This value of a systematic approach to new product development been further confirmed by another PDMA study in 2012, where the best companies, as defined by those who had higher rates of product success, higher profits and more sales, were 30% to 50% more likely to have used a structured NPD process than those who did not. These organizations also initiated...