A successful New Product and Service Development process is essential for business success. Companies must continually develop and commercialize new products and services while retiring those that are no longer productive—all of which should be guided by updated road maps created collaboratively between leadership teams. In this way, a company can ensure its long-term sustainability in the market.
New Product and Service development relies on an effective implementation of teams, information systems, and a process owner—a dedicated team or employee that acts according to company policies. This process is comprised of “gate reviews for advancement” to help fast-track projects, make changes in priorities, postpone them; or terminate them. A well-executed project gate review is about making decisions for better outcomes rather than the pursuit of approval of all projects.
Not having an effective New Product and Service Development process inevitably results in longer and more expensive new product project executions, poor commercial performance of new products and services, and costly and unnecessary support for inadequate old products and services.
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