For many organizations, making data-driven decisions on picking winning products and improving time to market is not easy. When it comes to prioritizing the right new product development (NPD) projects, organizations reach a point where they can no longer turn to spreadsheets and shared file systems to manage the idea-to-launch process.
Product development leaders tend to lack visibility into their project pipeline and thus, often struggle to both prioritize their best ideas and to deliver products to market on time. Resource capacity becomes a guessing game and product development starts saying “yes” when they should say “no.”
Without a clear view of both projects and resources, executives become hard-pressed to make informed NPD portfolio decisions, much less hit launch and revenue targets.
When it comes to maturing new product development, it’s helpful to have the right technology that will enable you focus on these three things:
- Centralize the idea-to-launch process to improve visibility into portfolio performance
- Evaluate different scenarios to ensure the project mix to achieve your strategy, and
- Focus your limited resources on the most valuable projects
Sounds simple, right? It can take time to establish and mature an NPD process for your organization – but it’s worth the effort. When done right, product leaders become empowered to prioritize the best ideas and kill lower value projects clogging the product pipeline. Picking higher-value projects means increased revenue and reduced risk of missing critical launch dates. The win-win: accelerated time-to-market and smart use of your responses – both people and money.
Do your research. Evaluate how other companies are taking steps to mature their NPD process, and borrow their best practices before you get started. Here’s your first opportunity…
Watch and listen to this webcast, Maximizing the Value of Your NPD Portfolio – Leveraging the Full Potential of Your Resources to Deliver Products On Time, featuring Geoffrey Daniel, Head of Research and Development at Coloplast.
Coloplast is a real-world example of a company establishing and maturing an NPD process. They will how they are leveraging Innotas to effectively:
- Prioritize the most valuable R&D projects to drive revenue and improve patient quality of life
- Eliminate the hassle of manually managing resource capacity in spreadsheets
- Reduce the impact of projects being understaffed, resulting in product launch delays
- Provide NPD status reports and dashboards to monitor project and portfolio performance
For more information about how to mature your NPD process read the solution brief or watch a demo.