How to Accomplish New Product Introduction Success

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Do you know most of the new product launches fail? Even the best companies face challenges related to launching new products. Adding to the same context, the Samsung Galaxy phone failed likely because of overheating issues and Apple’s iPhone 4 for some antenna-related issues. Incidents like these result in brand damage, poor customer satisfaction, decreased revenue, loss of potential leads, and so on. Furthermore, many tech giants in medical, electronics, etc., have to deal with product launch failures at some point in their lives. Whether you work for a small company or a big brand, you must take critical steps to ensure your new product introduction (NPI) success and avoid these product launch disasters. 

 

The Foundation for New Product Introduction

NPI includes many activities that are crucial to launching a new product or enhance the product to market. NPI is often confused with NPD (new product development). In simple terms, NPI focuses more on getting operations teams or supply chain teams aligned around the product’s final release for effectively planning, producing, and ramping up its volume production. At the same time, NPD focuses more on the product’s early development stages, right from concept to prototyping to testing. If done right, NPD then provides the foundation for NPI. 

 

New Product Introduction processes influence internal teams, including external suppliers, towards volume production and delivering products in their customer’s hands. In this article, KloudPLM highlights the importance of ensuring control, following a dedicated NPD and NPI process, enabling real-time collaboration between teams is essential, neglecting which increases the chances of product launch failures. 

 

What are the common barriers to NPI Success?

The modern world’s decent product designs and globally distributed teams are helping to deliver and launch high-quality products in the market faster than before. However, even big giants face the following common barriers to NPI success.

 

Information Silos: Using manual processes like spreadsheets or emails to share or manage information results in disconnected information silos. Specialized systems used by engineering, quality, product, or manufacturing teams can make it challenging to stay on the same page. 

 

Prolonged Development: Information silos result in scattered data from numerous sources. Asa result, this makes it challenging for all teams to find and review the required information quickly- resulting in unnecessary delays. 

 

Quality Issues: Organizations lacking necessary controls have difficulty testing and addressing required actions as product quality issues arise. Moreover, they also struggle to document and showcase how they are meeting regulatory requirements and standards. 

 

Dispersed Teams: As we all know, the importance of communication with distributed teams globally. Failing to provide a centralized system of truth providing real-time data and collaboration can result in costlier designs and production mistakes. 

 

Cost Overruns: All the factors that we have discussed above leads to manufacturing inefficiencies, confusion in product development, higher production costs, and missing cost targets. 

 

How to Drive New Product Introduction (NPI)? 

One of the biggest challenges to NPI is dispersed teams and supply chain partners. It is essential to keep your internal teams and supply chain partners on the same page. Product Lifecycle Management (PLM) solutions can help drive supply chain efficiency by empowering your engineering, manufacturing, and dispersed supply chain teams to collaborate effectively and speed up your product launches while minimizing the risks of product failures and targeted costs. 

Companies that are using PLM are more likely to accomplish their goals and NPI in the following manner:

Aggregating entire product design: Having one centralized and controlled system to bring out complex product designs in electrical, mechanical, software, etc., together into a single source of truth.

Collaboration in real-time: By enabling cross-functional collaboration across different teams like manufacturing partners, suppliers, engineering teams to communicate and collaborate anytime they want.

Automating their approval responses: By providing online approvals with the help of automated notifications allows everyone to review and approve changes electronically, thus reducing the issues of request sitting.

Enhancing visibility and traceability: By protecting your product’s intellectual property via secure, role-based access, you ensure that your users see only what they are authorized.

Minimizing latest-revision confusions: Ensures your teams are always up-to-date with the latest product revisions. 

 

Is Your NPI Foundation Solid?

Launching new products to the market can be challenging and subject to many obstacles. However, establishing a solid plan and foundation for NPI will help you accomplish your cost targets, quality, and scheduling goals while minimizing the mistakes resulting in cost issues, product launch failures, etc.

Having a great NPD foundation platform like KloudPLM will help you ensure your entire team drives NPI success, increasing sales, customer satisfaction, and revenue. Schedule a demo today. 

 

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