In the current product development environment, the products as well as the technology they are based on change rapidly. Most product-development executives are always struggling to bring in projects on time and on budget. They never have enough resources to get the job done, and their bosses demand predictable schedules and deliverables. Consequently, the managers push their teams to be more rigorous and to minimize scheduling issues. tasks are usually repetitive, activities are reasonably predictable, and the items being created can be in only one place at a time.
Getting products to market faster is a common objective for most of the companies. The failure to realize its importance has given rise to several fallacies that undermine the planning, execution, and evaluation of manufacturing projects. Reducing time-to-market is a critical factor in determining the success of a project. While the motivation varies, there are clear benefits including capturing more sales, beating the competition to market, providing market flexibility and maintaining a leadership position. In this blog, we’ll explore innovative ways to reduce your time-to-market and how reducing it will impact you.
What Exactly Is Time-to-Market?
Time-to-market is the length of time it takes from a product being conceived until its being available for sale. Companies use the time-to-market metric to evaluate how products are developed and how a specific project handles external competition.
Why Is Time-to-Market Important?
One interesting way to explain the importance of time-to-market for businesses is by defining how it can hurt. Nowadays, teams and organization misuse 40% or more of their resources. This waste is essentially due to pointless overhead, repetitive work, unneeded features, bad product launch, and poor information management.
Inversely, a reduced time-to-market can bring immediate outcomes to your business:
- Efficient managerial practices
- Reliable scheduling
- Increased margin revenue
- Competitive advantage
- Gain faster market shares
- Increased market opportunities
The kind of initiatives which engineering can embark on to reduce time-to-market are:
Well-defined workflows: Eliminate handoffs, minimize downtimes and waste of time throughout the whole process. An effective resource allocation process prevents system overload. Make sure that the workflows are simplified.
Process automation: Automating the product development cycles will allow you to focus on your core tasks. Automating repetitive tasks can eliminate steps and save time. Make sure your development process does not include time-consuming steps that add no value.
Information management: Streamline and repurpose content for multiple projects. Making it accessible to multiple projects will make everything much easier and faster.
Real-time sharing: Team structure can eliminate delays by enhancing team communication. There will be bottlenecks that increase your time-to-market. Perhaps the most important way to eliminate delays is more effective and timely decision making. Collecting and sharing information in real-time allow your teams to gain in agility and lead to highly effective decision-making.
Multitasking: Your development process should require parallel involvement of all functional groups, manufacturing in particular. Waiting to get manufacturing personnel involved until the product is ready to transition into manufacturing is an all-too-common problem. It slows the project.
In a nutshell, reducing time to market can be important for capturing more revenue and higher earnings but is no guarantee for market success if you are developing the wrong products. If you are looking to reduce your time-to-market and are looking for an extra hand, contact Trikonic!