Most of the SME organization has a challenge on the new product development viz
1.Developing the product sample on time
2.Meeting the quality requirements
3.Meeting the customer's price expectation
Even though new product development is more of technical oriented and organization specific, study shows that more than a development of the product, management of the development process plays a critical role in developing the new product on time, best cost, and best quality.
Some of the project management principles, tools and techniques and processes can be adopted in new product development, and we have seen significant success in different industries
some of the project management practices in NPD
1.Fixing Key Performance Indicators (KPI's) for each product development once order confirmed by customer
2.Depending upon the product development type, complexity, define MILESTONES / TOLLGATES
3.Define FUNCTIONAL DELIVERABLES of all cross functions involved in the product development
4. Review the product development status w.r.t MILESTONES/ TOLLGATES along with the cross-functional team
5.Track the KPI's and make the people accountable and also involve the TEAM at the early stage of the development
It is essential now to make management process for new product development if you would like to deliver on time, with best cost and quality.
Relook at your new product development process!!
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