Product Development Process
Product development is the single most important function a business must perform. However, many companies struggle to link business strategy, competitive pressures, customer needs, services and cost reductions with product development. Achieving these linkages requires that the company follows a scalable and sustainable and stage gate-based process for taking new product ideas and turning them into winning products. Standout companies have found ways to cross this divide with rigorous product lifecycle management processes that create robust pipelines of successful products that drive superior business performance, growth, and profitability.
Just like developing and implementing your business strategy, a company must have a holistic approach to product development. Companies who do this well have an advantage over the competition. Managing the product development process isn’t an easy thing to do and is often met with resistance inside the organization. Robust product development processes utilize a stage gate process that has the following 6 fundamental steps:
- Business Case
- Process Development
- Production Release
- Postproduction Release Audit
Utilizing Group50’s milestone-based process for Managing Product Development (MPD) provides an organization with the ability to define and implement a robust stage gate process. A well-defined process will provide senior leadership with the ability to quickly identify great new product ideas and discard those that won’t significantly move the company’s strategies forward.
Many companies choose to go it alone by finding a MPD process in a book or on the internet. Their attempt to implement a robust and sustainable product development process typically falls short of expectations because of their inability to deal with all of the organizational and business process issues that stand in the way. They need to have an experienced product development consultant who understands MPD, business process design, the effective use of technology, its relationship to industry standards such as APQP and IATF and the required change management activities who can lead the design and implementation of the process.
Our global Business management consultants have a unique appreciation for product development because we understand product management, strategy, product life cycles, marketing, sales, portfolio management and their interdependencies which are a part of our Market Effectiveness practice. You can easily find out how your company stacks up against product development best practices through our Product Development Assessment.
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