Time to market (TTM) is the total length of time it takes to bring a product from conception to market availability. Companies use time-to-market metrics during new product development (NPD) and new product introduction (NPI) as they strive to gain first-mover advantages (e.g., market share, sales revenue).
In the manufacturing world, time to market (TTM) refers to the time it takes for a product to get from initial concept to market availability. Since being late diminishes the addressable market in which companies must sell their products, time to market is extremely significant. A late product introduction can decrease the window of opportunity for revenue generation and accelerate the product’s obsolescence.
Source: https://en.wikipedia.org
To improve or reduce time to market, embrace advanced digital technologies such as cloud-based product lifecycle managmeent (PLM) or quality management system (QMS) software. These solutions enable you to:
The more streamlined and efficient your company’s product development process is, the better you’ll be able to forecast when your product will hit the market. It can also help you plan how to launch the product at the right place and time.
Source: https://adaptmethodology.com
Delivering new products to market is challenging. And it is difficult to see the cost impact of one or more mistakes.
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