Is your new product introduction process fit for purpose?
New product introduction (NPI) in most companies is a complex and sometimes messy process. Research conducted by the Design Management Group identified four key areas that companies found most challenging when handling NPI:
- Process - lack of appropriate NPI process e.g. too much bureaucracy
- Product - lack of market awareness e.g. little market research
- Project - poor project management resulting in late or over budget projects
- Resources - inefficient resourcing and too much to do to progress an idea
The Design Management Group have created a number of management tools and techniques to overcome challenges related to NPI. The aim of these tools is to achieve a strategically prioritised portfolio of new products that will be delivered on time, to budget and in demand by the market.
This video covers:
- What is new product introduction and why can it fail?
- An introduction to the 4Ps: process, product, project and portfolio
- How to use the IfM NPI maturity assessment tool
- Understanding the results
- The 'on a page' approach to NPI
You can download the templates for the tool below or if you want to speak to one of our Industrial Associates about this approach, please contact Rob Driver.