New Product Development: Challenges & Solutions — Results from the Arena Project Collaboration Study
A significant majority of today’s small and mid-size manufacturers are dissatisfied with the existing tools and current infrastructure available for managing product-related projects. The shortcomings seriously impact their ability to launch new products on time and on budget.
For many of today’s small and mid-size manufacturers, the ability to introduce new products to market on time is critically important to the success of their business. A new set of world-class, low-cost global competitors are compressing product lifecycles to the point where even a minor delay in the new product development cycle can be devastating. Coupled with increased product complexity, global recession, outsourcing, and more strenuous environmental regulations, the burden on new product development (NPD) and new product introduction (NPI) teams has never been higher.
In spite of these challenges, most companies still try to manage new product development with the same set of generic “office automation” tools they’ve used for the last decade or more. These tools were never designed to handle the complexity and unpredictability of new product development. The result: a vast majority of companies are looking for tools to improve performance of these critical business processes.
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