Bringing a new product to market has a lot in common with constructing a new house. Building a home requires high levels of planning and coordination between general contractors and experienced framers, plumbers, painters, electricians, interior designers, and so forth. So too does new product development require high levels of planning and coordination between top management and their product design, development, manufacturing, distribution, and supply chain partners.
At Pivot International, our global single-source services ensure a highly collaborative and end-to-end integrative product development process for companies worldwide. With 47 years of experience, we’ve crafted a working blueprint of what it takes to create award-winning innovations. Here’s a brief overview of some of the key success criteria required for launching a new product.
Executive Team Support
No matter how brilliantly conceived a new product design may be, it will never get off the ground without the support of top management. Without exception, successful products are backed by an executive team that conducts due diligence in selecting a proven product development partner, allocates sufficient budget resources to the project, deploys leading talent, and stays actively involved throughout the duration of the process.
Formal Communication Protocols
Before any tangible action is undertaken in developing a new product, clear communication (and documentation of such) must be established. Though challenges in the product development process are normal and to be expected, the kind of problems that result in derailment can most often be attributed to breakdowns in human communication. For this reason, formal protocols that ensure transparent communication and ongoing collaboration throughout each stage of the product development process are imperative.
A Strategic Action Plan
A sound action plan for bringing a new product to market is based on a clearly defined goal. A robust business case must inform this goal, as well as the user experience it intends to deliver. Furthermore, the action plan must map a strategic path to achieving this goal, along with metrics for determining success and making strategic course-corrections. At Pivot, we agree with world-renowned management guru, Peter Drucker, who famously said, “You can’t manage what you can’t measure.” This insight is why we build metrics into critical points along the entire product development process.
Advanced Cost-Saving Technology
By definition, a premier product development partner will have the resources to invest in and deploy leading-edge, cost-saving technologies. Surface Mount Technology (SMT) represents the newest, most effective, and efficient electronics manufacturing solution to date. SMT has a broad application and ensures highly accurate execution of high-volume production.
Pivot has recently installed two mirrored Samsung high-speed SMT lines in its US-based Omaha, NE facilities, as well as in its South Asia, Philippines-based Manila facilities. This bi-continental technology delivers a significant competitive advantage to Pivot’s partners. By enabling them to manufacture their product close to its shipping destination, and to flexibly shift production between Omaha and Manila (if needed), they save significant time and money on global distribution costs.
A company’s ability to quickly bring a product to market is a primary competitive advantage. Reaching consumers first is a significant factor in successfully positioning your product, differentiating your brand, and establishing brand loyalty.
At Pivot, we utilize FDA registered and ISO:9001 and ISO:13485 certified facilities. This allows us to deliver the industry’s highest quality control and manufacturing standards, thus accelerating our clients’ product-to-market timeline. What’s more, our advanced change-order system allows for rapid updates to products without introducing gaps in inventory.
Pivot has helped hundreds of companies worldwide launch successful products and scale for the future. If you’re in the process of bringing a new product to market and would like to learn what a partnership with Pivot can mean for your business, contact us today. We look forward to hearing from you!