Recognizing winning product ideas

Every company that develops new products and services also develops and uses a new product process. The new product process, which is unique to each company, manages the business decisions that decide which new product ideas are developed. The goal of this process is to identify winning new product ideas that will become successful products in the marketplace and produce the greatest return for the company. Unfortunately in many companies, the new product process is informal and ineffective. In such companies, as many as 40% of their new products fail. Re-engineering and formalizing the new product process leads to improvements including: improved product success rate, shorter elapsed time to launch, improved teamwork, less recycling and rework, better launch, earlier detection of failures. Key elements of an effective new product process are: business evaluations of new product ideas, multi-discipline new product teams and a road map of steps for timely development