Keeping pace with an efficient new product development process
New product development is the lifeblood of many businesses and is often the key to organic growth as companies respond to emerging marketplace needs and competitive offerings. In fact, according to a recent survey, three out of four businesses invested in developing completely new products in the last one to two years to generate additional revenue and/or to save time.*
Innovative technologies have made the new product development process easier and more efficient. Product designers can turn to algorithm-based modeling applications that offer increased variability and control over their designs. Designs can be shared, reviewed, and pretested through advanced computer simulation modeling, and prototypes can be built quickly with 3D printing. Nonetheless, there are still risks involved, and many new product initiatives fail to make it to market.
To help you improve the success of your new product development process, we offer the following recommendations.
- Keep your customer top of mind. Having enough data on customer needs and wants is critical to setting the direction of the new product development process.
- Follow a set process from ideation to concept development, testing, and commercialization. Make sure you include input from all relevant constituencies from outside the product development department.
- Invest in research across the process, including competitive research, to ensure that no competitor has beaten you to market.
Having an active and innovative new product development process is critical to the growth of most businesses and to their brand’s continued relevance in shifting markets. As you consider your new product development initiatives and the resources needed to stay competitive, remember that your Washington Trust Relationship Manager is available to help you ensure the success and profitability of your business.
*The State of Product Development, Hanover Research, © 2020