Launching a new product can open doors for your company and bring promising opportunities. Without the introduction of new products, most companies see a decline in the business’ growth and profit. Developing new products, however, is always risky. So what can companies do to ensure a smooth new product development process?
The new and improved new product development process
As competitiveness in the corporate world increases, and as consumer tastes changes more rapidly than ever, companies must incorporate new strategies into their new product development process. Traditional new product development strategies are no longer effective; today’s new product development process involves the whole development team collaborating together and working as a unit to achieve a common goal: To develop innovative products.
Developing a successful product starts with an idea generation process. Companies need to find out what their existing and potential customers want in order to meet any gaps in the market. As B2B international points out, “The key to successful market research for new product development comes from an understanding of what customers do and don’t value, not simply from asking them to submit their own solutions.”
From a whitepaper published by Stanski Consulting and Ventures, we learn that successful new product development commonly involves:
- Doing the planning homework up front prior to commencement of product development
- Getting an early, sharp and stable product definition
- Building in the voice of the customer into the product (an actual tested and validated customer need)
- Employing true cross functional teams
- Facing up to mandatory project costs.
New Product Development with OneDesk
OneDesk helps with new product development and with driving product value for customers. Our software will help your company make the right product decisions as well as:
- Replenish your new product pipeline and automate the Front End of Innovation by connecting with the broadest possible pool of contributors.
- Get a grip on your product portfolio and accelerate time-to-value by going from idea to launch in the least possible time frame. provides the tools to connect all team members and get them working fast.
- Optimize your requirements planning and maximize the value of your product portfolio and feature backlog by making the tradeoffs between corporate strategy, available resources, ROI, and customer satisfaction.
- Create a social front-end to your Product Lifecycle Management system. provides the innovation framework those tools lack.
- Streamline your product development process by prioritizing R&D investment options, and pushing requirements to development tasks with a single click.
We want to know:What does your company do to ensure a smooth new product development process?