New way of product development

Today is the era of fast-paced world and competitive world.

Companies are realizing that the old sequential approach to developing new products won’t get the job done and product can’t be reached to market when compared to competitors.

The 4 stages of product development are as follows – R&D, Growth, Maturation, and Decline.

Instead of sequential approach, companies are using holistic approach – as in rugby game, the ball gets passed within the team as it moves as a unit up the field.

This holistic approach has six characteristics:

1) Build-in-instability

2) Self-organizing project teams

3) Overlapping development phases

4) Multi-learning

5) Subtle (very clear and strong) control

6) Organizational change to explore and learning

The above six characteristics forming a fast and flexible process for new product development with advantage of act as a change agent, creative, market driven ideas, flexible organization.

Many companies accepted importance of high quality, low cost, flexibility to adopt changes and unique product features to excel in today’s competitive market.

In this new approach, the product development process emerges from the constant interaction of hand-picked and multidisciplinary team whose members work together from start to finish.

The product development team engages in iterative experimentation, this goes on in even in the latest phases of development process to adopt to today’s competitive market.

This approach is essential for companies seeking to develop new products quickly and flexibly.

One more important note is the products are developed by multiple teams by the multiple software development vendors for the product company.

Few of the companies adapted to the new product development process are Xerox, Canon, Honda, Epson, HP, 3M.

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