NPD needs PPM
The long-term success of any company relies on innovation and being able to bring that innovation to the market, fast. New Product Development (NPD) is the process that includes coming up with a bright idea, evaluating it for customer demand and technical feasibility, developing it and taking it to production, and ultimately selling it to a target market.
New Product Development may be aimed at creating an entirely new product that is innovative, and results in a first iteration product. After an original innovation and development of a product “1.0”, a product typically continues to evolve and benefit from further innovations through a lifecycle. This maturity process needs to be part of a product’s roadmap to keep it competitive and relevant.
In some industries the NPD concept is taken for granted, while in others like digital products, the concept is still new and evolving. NPD is a type of a project – it has a structured approach, with complex inter-related tasks and multiple people, roles, departments, and even companies. But an NPD is a specialized type of project due to the complex nature of risk and “unknowns”.
A Project & Portfolio Management system, configured to the specialized needs of New Product Development will help you:
- Select the right product ideas,
- Do your product development right, and
- Drive higher ROI from your new product development.
Have a look at some other project needs by role
How can Project & Portfolio Management help you?
- IT Projects – select the right programs & projects, and get full visibility to waterfall and agile projects, as well as resources.
- Engineering and Construction – collaborate among owner, architect, engineer, procurement, & construction teams to be successful.
- New Product Development – select the right products and deliver them right.
- Marketing Campaigns – an integrated marketing program is key to successful campaigns.
- Customer Service Initiatives – customer service teams need to constantly tune processes, training, systems, and metrics.
- Retail Projects – to thrive in the rapidly evolving retail industry, you must choose the right projects and do them right.
- Learn about Project Roles and needs.