The Synergistic Benefits Of Accelerated Product Development
New product development is a dynamic process full of interdependencies. Each stage of work depends on the successful completion of another key workflow. A design, for example, may need to be frozen while waiting on quotes from key suppliers, regulatory approval or a final prototype.
This complex interactivity has important strategic consequences.
First, it creates an added imperative to eliminate chronic delays in the product development process. If prototyping times can be cut in half, for example, it can mean not only faster time to market, but more time to iterate, iron out design flaws and ultimately deliver the most valuable end-product as possible. More broadly, it means that acceleration of any phase of the product development process is likely to drive synergistic benefits for the process as a whole.
In this blog, we provide a concise overview of how product development teams can harness this dynamic by taking proactive steps to speed up critical workflows. For a much deeper dive into this topic, we recommend our whitepaper on accelerating new product development (you can download this free guide using the button below).
Achieving the Right Balance of External Vendors for Faster New Product Development
Today, product development initiatives are likely to include a cluster of external vendors. In addition to component and material suppliers responding to RFQ’s, the process may involve design consultants, manufacturability experts, quality testing professionals, prototyping specialists and more.
In many cases, these vendors provide vital expertise, but achieving the optimal mix of external and internal involvement can be a delicate balancing act. Why? Because:
Involving too many vendors risks bogging down the process. Every additional vendor represents another potential source for drag on the product development process. Even slight delays as work changes hands can add up, especially if one team must pause work while waiting on feedback or a deliverable from outside of their own organization. And every time information changes hands, there is a chance that a critical requirement or datapoint becomes lost in translation—only to be discovered later in the product development process when the issue is too late to fix.
External expertise is essential for not only technological know-how, but fresh perspective. Manufacturing technology is changing faster than ever and maintaining all of the requisite knowledge in-house is simply not an option for many product development teams. External experts can fill in knowledge gaps, help keep pace with the latest options for your product, and provide fresh perspective. Fresh eyes are often invaluable for spotting high-level issues with a design, especially after internal engineers have spent months knee-deep in granular technical details that can make it hard to see the big picture.
With both of these concerns in mind, how can product development teams thread the needle, bringing in fresh perspective and technical expertise without creating a tangle of 3rd party providers? The single most effective solution is to identify vendors who can offer a diverse portfolio of product development services. Working with the same vendor for needs like initial design consultation, manufacturability analysis, and prototyping can keep friction to a minimum.
Learn More About Accelerating New Product Development
Streamlining usage of external vendors is just one way to accelerate new product development. External expertise on innovative manufacturing processes, for example, can unlock new technologies that dramatically speed up prototyping. The 3D printing of composite injection molds is opening up the ability to fabricate prototypes using final-production materials, but with a dramatically shorter lead time than aluminum quick-turn tooling (we explore the difference between traditional 3D printing and rapid injection molding in our blog here).
If you’re interested in learning more about accelerating new product development, we recommend our guide, available at the link below, for much deeper reading. This free resource explores six different avenues for improvement, including both technical and process improvements. Ultimately, a faster product development process means not only better time-to-market, but better products.
