New Product Development
Anyone working in the consumer goods sector will have noticed that there is a new model for success emerging. It is for new concepts and ideas to be brought forward quickly, trialled and either dropped or scaled up rapidly. In retail this is exemplified no better than BooHoo, known for “fast fashion”, and it is wiping the floor with slower, established rivals. However, this is also happening in other sectors, like food manufacturing.
New product development (NPD) is fast becoming the ‘jugular vein’ of a company’s future, and the ability of a company to create and bring new products to market is already a key determinant in attracting and retaining customers.
Whilst the dynamics and parameters for the NPD process are different for different sectors, for example the given service life in one sector (nuclear reactors) will be shorter or longer than in another (mobile phones), there are certain common critical success factors which ought to be in place for robust NPD which is fit for purpose (for YOUR sector).
Moreover, we also know that in every consumer sector certain dynamics are also common: the life cycle is getting shorter, and there’s more competition! Another dynamic is the expectation for improvement, whilst a third trend, is in regards complexity, or to flip that: choice.
These trends are moving, so it means your NPD process needs to keep up! That’s where Applied Acumen can help. We can help you develop an NPD process that is fit for purpose, that meets the needs of your sector.
We have a gated NPD process, but can we do it better?
Having ‘gates’ or a process and disciplines around getting through that process, is not the same as either ensuring you launch on time a product or service that your customers want, or what you intended. Nor is it the same thing as having an NPD process that is lean, optimised, or short enough. If you want all of that, you should call us.
We are trying to simplify, to reduce complexity and range – this makes it easier, right?
There is currently much debate, particularly in retail circles, around simplification of ranges, with principle arguments being put forward about consumers being confused by choice. This frankly is dumb. If consumers are befuddled by choice in your shop, it is because your presentation and shopping experience is sub-standard, and you are offering the wrong choices, in the wrong, confusing way.
The retailers can handle this challenge by asking suppliers to be far more agile: small run, drop it or scale it up. Small run, drop it or scale it up. Small run, drop it or scale it up…repeat. Repeat quicker.
In reality, you ought to be working on how you can handle complexity. Google do it. BooHoo do it. The company stealing your customer will do it.
If you need help with managing complexity and range, give the experts a call.
We need to shorten our NPD cycle, can you help?
The great challenge for any manufacturer is to shorten the lead time to market. Incredibly and unfortunately, the current vogue for implementing lean across many industries, especially food manufacturing, is being done in such a way as to actively work against this!
We can help you not just shorten the lead time to market, but also manage short runs and scaling up, the two great manufacturing challenges that seem to trip everyone up.
If you want all of that, you should call us.
What sectors does your expertise lie in?
We work across all manufacturing and service sectors, but are especially known for our work in food manufacturing and fmcg.
If you need help with your NPD process, give the experts a call.