Product Development and Time-To-Market
New Product Development (NPD) are long-term and complex processes to implement for businesses. Competition and pricing continue to be top areas of concerns, raw materials’ cost persists as an ongoing worry, and regulations are regularly evolving and strengthening. Businesses need to be innovative and attractive, while minimizing costs, in order to stay leaders in their industries. However, they face an ever-changing environment (i.e.: new products, technologies, methods, customers’ wants, etc.), strong local and international competition, shorter product life cycle, and so on. In addition, companies are constantly looking for new ways to speed up time-to-market as it plays an important role in outdoing competition. Yet, in spite of the challenges, the industries are optimistic predicting continued increases in sales, product offerings and workforces through product innovation and product development.
Product innovation, time to market, accuracy and visual appeal are critical to achieve successful execution. Product development is an essential lever for competitiveness. Product innovation is one of the best means to add value to products, to get into new market places and to better answer consumers’ needs and wants. To lead competition, it is important for companies to evaluate their business models and offerings frequently enough and change them if needed.
Product development can also consist of enlarging ranges, developing new formula based on an existing one, offering different sizes of the same product or adapting packaging. Therefore, whether it is a new product development or re-developing/re-designing an existing one, a Product Lifecycle Management (PLM) software is the ideal solution to speed up product development and accelerate time-to-market.
A Solution to Streamline the Product Development Process
Lascom PLM software supports businesses in efficiently managing the process of developing and launching new products. It provides a dedicated solution to assist businesses in reducing their time to market. By optimizing the process from the marketing brief to new product launch, Lascom offers an efficient solution which enhances collaboration and speed up product development:
Single repository: benefit from a single version of the truth, which will improve and facilitate communication between all departments but also with external stakeholders. Each authorized user can access the right information at the right time, using the advanced search feature.
Formulation: a user-friendly formulation tool to assist R&D teams creating new formulas while managing and automatically calculating allergens, certifications, product weight, costs, nutrition facts, etc.
Labeling: automatically generate regulatory-compliant labels with information from the single repository. This information was input from all internal and external stakeholders, from R&D, compliance, quality, marketing to suppliers, who have authorized access to the solution.
Workflows and processes: rely on Lascom workflow engine to manage both the company’s internal steps and, if necessary, the communication steps with external providers (e.g: suppliers, creative agency, etc.).
Access, in real-time, all project’s information (status, comments, deadlines, etc.) to monitor tasks’ progress. A Gantt chart is automatically displayed according to the scheduled tasks and their deadlines. However, a project manager can easily modify the planning by adding steps, deleting some tasks, etc.
Key Features to Speed Up Product Development
Access our guides and whitepapers for your industry :
- White Paper – How to Facilitate Your Product Development in a Global Regulatory Environment
- Agri-food compliance: a global phenomenon. How can we adapt to it ? – White Paper
- Collaboration as a Key to Success in Retail – White Paper