New eBook: A Modern Approach to New Product Introduction (NPI)
Research and Guidance from LNS Research
Manufacturers know that successful NPI is critical to leadership and growth in their sectors. Our new eBook from LNS Research dives deep into this topic, revealing how the industry is truly performing on key metrics for NPI, and how that performance is impacting their market share and competitive position.
Developing profitable, timely, high-quality products is more important today than ever before. Visibility to product performance has never been higher, while competitive pressures continue to squeeze margins and time to market. To compete, manufacturers must deliver better, faster, and cheaper. It's "easy" to do one of these, hard to accomplish two, and a strategic, collaborative, digitalized effort is required to achieve all three consistently.
Considerable resources and focus are devoted to NPI. What are we seeing as the result of those efforts? LNS research reveals that, while the median manufacturer invests 25% of its personnel to NPI and introduces a new product in 24 months, only 56% of new products meet all NPI success criteria.
What are the hurdles keeping manufacturers from being more successful in their NPI efforts? Ambiguity, siloed ideation, incomplete information for decision making, misaligned actions are some of the culprits. LNS Research gives insight to these barriers – including the most significant contributors to market delays and increased project costs.
LNS Research also tells us the status on technology enablement, and how the industry is transforming its infrastructure to improve the speed and quality of their NPI initiatives. With 91% of companies reliant on spreadsheets and electronic documents to track requirements, the movement of digital innovation and collaborative NPI is advancing on fertile ground.
Leaders are leveraging the advanced technologies of the Industrial Internet of Things (IIoT) to gather new insights from connected operations and connected products. These new insights can greatly reduce the uncertainty surrounding product performance, manufacturing operations, and in-service operating conditions, which has value to many NPI stakeholders.
Read this new eBook to understand what leading companies have already done to advance NPI, and the top requirement for your organization to see dramatic gains in this critical function.