What is Time to Market (TTM)?

Time to Market Definition

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).


Why is time to market important for businesses?

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

How do you improve time to market?

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
How does time to market help with new product launch?

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

Best Practices for New Product Introduction

Learn the best practices for streamlining new product introduction (NPI) processes by reading our guides on NPI.