As competition in the global economy intensifies, excellence in new product development has become a mandate. Processes and methods that enable organizational learning, eliminate waste and enhance value creation have spread to virtually every aspect of the business enterprise… except for one. New Product Development. New Product Development faces unique challenges and differs from other business processes.
Unique Challenges of New Product Development
- It’s not a recurring process
Each new development project is distinct, at least in some respects. Adding the challenge of repeating methods which worked previously.
- Risk and Uncertainty
Intrinsic with developing something new comes risk, uncertainty, problem-solving, discovery, experimentation and failures (that we hopefully learn from!)
- Intensely Cross-Functional & Collaborative
Literally every function within a firm must contribute their knowledge and expertise in order to successfully launch a commercial product
Despite these challenges, a lean product development process is essential to achieving long term competitiveness for any innovative firm. Because of these challenges, it is impossible to dogmatically impose methods that work with e.g. lean manufacturing on the complex world of lean product development.
On the 14th and 15th of September, IRDG will be hosting workshops in Mastering Lean Product Development with Ron Mascitelli. Ron Mascitelli is a renowned author, educator and lean product development expert who promises to lead you through a journey of his Event-Driven Lean Product Development Process.
From Innovation, effective problem-solving, knowledge creation and organisational learning straight through to the rapid commercialization of highly successful products. His proven & practical approach balances all aspects of market success: customer value, profitability, time-to-market, and quality.
Learn more and register here.