What is Time to Market (TTM)?

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 with PLM, embrace advanced digital technologies such as cloud-based product lifecycle managmeent (PLM) or quality management system (QMS) software. These solutions enable you to:

• Establish real-time communication with your supply chain partners and gain greater visibility into part shortages and other issues that impact production
• Shorten your engineering change order (ECO) cycles through automated reviews and approvals
• Aggregate bills of materials (BOMs), quality documents, design files, and other essentail records into a single source of truth. This eliminates design and latest-build confusion for reduced rework and production delays

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