Is your business looking for ways to accelerate its new product development? Here are four ways to do this: 1) Set clear design targets in the front-end. When the team knows what the customers wants early-on, it eliminates second-guessing, dead-end detours and hesitation. 2) Concentrate resources on fewer projects, staff them for speed, and kill any dead-end projects quickly. 3) Focus on “time-to-money” (not just “time to market”). If you engage customers throughout development, they’ll anticipate your new product and begin evaluating it sooner. 4) Eliminate “organizational friction”… travel bans, spending freezes, hiring delays, re-orgs, new initiatives, and so on.
More in 2-minute video, Pursue fast innovation
We see three areas where leaders can have a greater negative impact on innovation than positive: 1) organizational friction (travel bans, spending freezes, hiring delays, excessive re-orgs, etc.) that slow innovation to a crawl, 2) spreading too few resources over too many projects so that nothing moves briskly, and 3) short-changing the front-end of innovation, so that a clear picture of customer needs is lacking. Companies pay a heavy price for keeping such leaders in place.
More in article, Accelerate New Product Innovation
What’s the net present value of accelerating the launch of a $5 million revenue-per-year product by one month? About $80,000… or $4000 per business day. Yet we often hinder teams’ progress with organizational friction: travel bans, spending freezes, hiring delays, new assignments, re-organizations, new initiatives, frequent changes in strategy. Consider these actions carefully lest you turn exciting innovation into a mind-numbing slog.
More in article, Accelerate New Product Innovation
