The product development industry is constantly changing in an effort to satisfy the needs and preferences of customers. It therefore poses a huge challenge on the part of developers and designers to keep up with the new product development game. The rules are always changing. Hence, the old system approach that involve low cost, high quality, and differentiation proved insufficient in being able to compete in a cutthroat market. Experts specifically pointed out speed and flexibility as the critical factors for a successful design and development of new products.
By speed, it basically means that companies need to generate new products on a regular and periodic basis. In fact, statistics have shown that it is the main source of profits for most of these companies. With a new emphasis on approaching development in the industry, companies are compelled to look for a professional product development company that can assist them in the design and manufacturing process. Or, it has called upon a new emphasis in terms of the approach used for creating products such that the traditional relay race approach isn't going to work anymore.
To understand just how the new product development industry has changed, it is important to do a comparison of the old and new approach. The traditional approach follows a race relay format wherein individuals or teams are assigned to do specific tasks based on their expertise or skills. Hence, the production system is divided into different segments that are to be done on a specific stage in the process. This process is followed from phase to phase at a given sequence. Companies might differ in their approach but the general procedure might be something like this: conception of idea, feasibility test, building a design prototype, pilot production, and the final production.
The traditional method is based on specialization. However, the new approach that is now being employed by a product development company is built on constant interaction. Instead of a specialized team working on a specific phase in the development process, every team member is expected to become involved in the project from start to finish. There is a lack of structured stages so it is more of an open experimentation wherein the team welcomes input at any stage of the development.
The second and new approach is ideal for companies that wanted to achieve flexibility. Furthermore, this technique enable companies to release products in a rapid manner. This recent shift in the industry challenges the existing status quo through stimulation of ideas. Experts believe that this is a good move because the traditional approach has produced some form of rigidity to the process. With a new system in place, it helps to fire up motivation and new ideas even for large companies.
As more development ensues with this process, there are a few outstanding characteristics that product developers are anticipating would make a huge impact on future new product development. These are the following: independent project teams, learning stimulation, overlapping phases of development, and subtle control. The bottom line with this new approach is that it encourages initiative amongst employees at all levels to cope with the demands of the project as you go along, rather than be confined to a pre-determined system.
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