Speed to Market “Must Do’s”
If you have decided that you need to improve speed-to-market, then these are what is absolutely necessary.
- Measure time-to-market for all NPD projects and build a data-base for use by project teams when they are planning their work. The start time and end time must be clearly defined and consistently measured for all projects.
- Efficiency AND effectiveness
- Efficiency is based on assigning enough of the right resources to the project. It is essential for speed-to-market.
- Effectiveness is based on acquiring and utilizing the right information. It is essential for product excellence and success.
- Both efficiency and effectiveness are essential.
- Team Role
- The product development team creates the product development project plan including the time-to-market.
- Team Membership
- Keep the same product development team from the beginning of the project to the end. This is particularly important for the team leader.
- Decision-making process
- Open communication and decision-making process between business leadership and the product development team.
- Use a robust process
- Improving the overall product development capability is more effective in improving speed and time to market than a narrow focus on speed/time-to-market. Keeping the NPD process robust requires continuous effort.
Specific Tools for Speed to Market
The type of R&D Game your company is engaged in greatly determines the quantity and types of tools that will best enhance your speed to market. A high level view of which competencies (technical and marketing) are needed, as well as the relative number of tools available are shown in the “Matrix of Speed to Market Competencies and Tools” figure.
The general methods to use in improving speed to market are shown in the “Methods of Accelerating Innovation and Product Development” figure.