Study of Methods to Speed up New Product Development
This paper describes the methods and best practices that can be employed by organizations for speedy, smooth and efficient product development. Organization’s ability and effectiveness of knowledge integration; uncertainty reduction; Total concurrency and simplifications distinguishes it from its competitors. This paper also describes classification of knowledge, best practices for uncertainty reduction. Total concurrency under which the concept of Second Generation Concurrent engineering is explained briefly. Best practices for simplification are divided into two heads; Task Reduction and Task Simplification which makes each task easier. Successful product development requires systematic application of these methods and best practices. In today’s competitive environment significant pressure exists to develop new product much faster since the first new product is often the competitive winner in a “winner take all” market. Time constraint will become an even greater factor in the development of new products. There will be less and less time in future to develop new product.
Keywords- Product Development, Best practice, Knowledge Integration, Uncertainty, Simplification.