There are seven (7) stages of new product development:
Source: https://www.netsolutions.com/insights/everything-about-new-product-development/
The key objectives of new product development include cultivating, maintaining, and increasing an enterprise’s market share by satisfying customer requirements.
Source: https://searchcio.techtarget.com/definition/product-development-or-new-product-development-NPD
New product development enables businesses to pursue new market opportunities, meet changing customer demands, maintain a competitive edge, pioneer innovative technology, and enhance brand reputation.
*Source: https://engineeringproductdesign.com/knowledge-base/new-product-development/
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To deliver better products, faster, and easier you need a new product development (NPD) platform that addresses each stage of the product development process, streamlines activities, and enables collaboration across all product teams.
Learn how to achieve efficiency in each new product development stage.
Implementing a quality management system (QMS) at an early stage of the new product development (NPD) process ensures product compliance and quality. This proactive approach allows for the early identification and resolution of prospective quality issues. Organizations can enable systematic monitoring and drive continuous improvement by integrating QMS principles into every phase of NPD, from conceptual design to market launch. Time to market is accelerated, regulatory compliance is achieved, and the risk of expensive modifications at a later stage is diminished through the adoption of QMS. Integrating a QMS early in NPD ultimately promotes a quality-oriented culture that stimulates innovation while upholding compliance standards and ensuring customer satisfaction.
Product lifecycle management (PLM) solutions streamline every facet of new product development through a secure, centralized platform. Cloud-native PLM solutions promote the timely delivery of high-quality products by enabling frequent real-time collaboration across internal teams and external partners. PLM solutions facilitate the review and approval of changes, the management of documents, and the control of revisions, all of which are critical for minimizing errors and accelerating time to market.