New product development (NPD) and new product introduction (NPI) practices have shifted drastically over the last decade as companies have picked up the pace of innovation to survive and prosper in the face of customer demands for greater performance at a lower price, increased global competition, and more stringent regulatory requirements. Companies developing and launching new products have responded to these demands with smarter and more connected products, lean but highly productive distributed teams that can turn on a dime, and global best-of-breed design and manufacturing partners. Product innovators now face the challenge of coordinating globally dispersed teams to design, validate, and build ever-more complex products on tighter schedules and budgets than ever before.
This white paper explains how these challenges can be overcome by connecting the entire new product development cycle and the NPI team to the larger product realization process with a system that manages the complete product record as a single source of truth. Such a system keeps internal teams and external supply chain partners synchronized with the latest design and process information, project schedules, regulatory compliance and quality data, and changes. Freed from countless administrative and coordinating tasks, the NPI team can focus on the primary objective of increasing the pace of innovation to speed product launches.