CEO at Leardon Solutions, Mike Hoggatt, describes four ways that will help organization to reduce time-to-market. Reducing time-to-market is a key requirement for business success and can be a competitive advantage.
Here are the four tips:
Product Design Specification
A product design specification is a collection of many documents. When the design of the first prototype begins, it must have cross-organizational support that delivering to this specification will produce a viable product in the marketplace without additions, modifications or deletions.
The integration of concurrent engineering efforts, shorter DBTF cycles for subsystems with periodic fully integrated product builds, fast tooling suppliers etc has a huge market advantage.
The essence of incremental innovation is to complete the product development cycle numerous times over a period of time which results in significantly greater organizational learning, revenue generation and market understanding.
Members from marketing and manufacturing team should be working with R&D. Many times, there are just too many people involved in the development. Having the right balance of full-time versus part-time is the key to a small team.
A strong focus on product design specification, fast prototyping, incremental design and its development team will significantly improve an organizations time-to-market and set them up for greater success.
Read more details in Innovation Daily Magazine
Are you implementing these four key requirements in your product development strategy to reduce time-to-market? Do you have others that have worked for you? Share your thoughts in the comments below.
Bill Ringle is a CEO, former Apple exec, published author, and angel investor. Through Grow Business Now, he offers strategies and tools to elevate growth for executives and entrepreneurs from more than 46 industries. Bill has conducted nearly 200 podcast interviews on My Quest for the Best, where industry and business leaders share their secrets to success.