Is your product development process working?

Formal or informal, documented or undocumented, all companies have a new product development process. But not all such processes are created equal. Companies that are successful in delivering new products to the marketplace obviously have a process that works. However, changes may be in order for companies that are struggling. 

Why change?

Before you implement a new product process or modify an existing set of procedures, you need to determine whether change is indeed warranted.  If any of the following conditions apply to your company, you need to strongly consider changing the way you develop products:

         New products play a key role in the growth plans of your company.  A pipeline of new products from higher caliber ideas needs to be developed.

         Your new product teams are working very hard but having difficulty moving projects forward.

         Products are developed largely on the basis of product/advertising claims that likely can't be legally stated or factually supported.

         Time and resources are wasted on project starts, stops and indecision, the result being last- minute desperation and implementation of lower-potential projects.

         Projects continue with a life of their own even after it becomes clear they are not viable.

         The work gets done but it isn't pretty, a syndrome usually characterized by significant rework and late project surprises.