Developing a complex product for commercial, medical, or industrial markets is a time- and labor-intensive process that can often stretch out over several years. During this time, unexpected risks may occur that jeopardize a successful new product development (NPD) launch, including:
Significant market shifts that occur during new product development (NPD) can force companies to adjust their market estimates and product parameters. In a worst-case scenario, companies may face significant sunk costs or be forced to abandon their project altogether.
Technology breakthroughs and trends are rapidly advancing. If new product development (NPD) becomes protracted, the risk increases that the product will become less competitive or even obsolete by the time to launch.
The longer NPD is extended, the greater the chance that other companies may introduce similar products. This increases competition, makes it more difficult to differentiate your product, and renders the market generally less receptive.
For these reasons, expediting NPD is a critical competitive advantage. The market is more likely to remain stable, technology is less likely to change, competitors are less likely to outpace you, and your product is more likely to stand out. Expedited NPD and launch can also help to reduce your development costs, position your company as an industry leader, elevate your brand reputation, and allow you to charge premium prices to see greater ROI. For these reasons and more, reducing your time to market (TTM) is a significant factor in your product’s success.
How to Expedite New Product Development (NPD) for Accelerated Launch
Every company wants to cross the finish line of NPD faster than their competitors. Why is this such a difficult challenge for many companies, and how do they overcome it? This is a question we’ve been helping our partners answer for almost fifty years. Expediting your NPD through proof-of-concept, development, engineering, manufacture, and distribution requires a perfect storm of specialized capabilities, services, and skill sets. It’s our conviction that the following are among the most important.
A Proven One-Source Partner
A one-source partner like Pivot handles all aspects of NPD under a single company umbrella. This ensures exceptional degrees of coordination and a seamless, streamlined NPD process that prevents breakdowns and delays. All one-source partners are not created equal. Identifying one with a sterling reputation and track record of success is the first and most important step you can take. At Pivot, our portfolio of internationally award-winning products that span more than fourteen industries speaks for itself.
In-House DFM Expertise
DFM (Design For Manufacturing) might very well be the secret superpower of successful NPD and among the most decisive factors in expediting TTM. DFM integrates design with manufacturing and supply chain considerations to ensure your product can be cost-effectively manufactured at scale. Almost nothing delays TTM more than when companies discover their design is too cost-prohibitive to manufacture and are forced back to the drawing board. Keep in mind that many NPD partners sub-contract DFM services. At Pivot, we’re proud to deliver this critical capability in-house.
Investment in Digital Transformation and Technical Diversity
Getting your product to market on time, on budget, and ahead of your competitors has a lot to do with the digital technology-investment of your partner. The latest digital technologies get the job done smarter and faster. Having a broad range of technical diversity ensures your partner can provide an optimal (vs. merely viable) solution to your product use case.
Supply Chain Security and Flexible Manufacturing
The world is still recovering from rampant supply chain disruption related to COVID-19. Companies know that their corporate health and longevity depend on mitigating supply chain risks that can stop successful NPD in its tracks. At Pivot, our global supply chain presence and alternative sourcing solutions have helped our partners defy disruption, even at its worst. With 320,000 square feet of flexible manufacturing capability across three continents, you can select the facility closest to your intended market, further hastening your TTM.
Are you wanting to bring your product to market as quickly, efficiently, and cost-effectively as possible without compromising on quality? Our proven one-source model, in-house DFM expertise, state-of-the-art digital technologies, and alternative sourcing solutions are the answer you’ve been looking for! Contact us today for a free consultation!