Shorten the time-to-market​

As a manager with responsibility for product management or product development, you experience the challenges of an increasingly complex environment on a daily basis: global competition and price pressure are increasing. Customer requirements are changing faster and are less clear. New technologies such as AI are emerging. Mechatronic products are developing into intelligent systems. Competition for well-trained knowledge workers is intensifying. And yet, or perhaps precisely because of this, company owners and board members are demanding that product development should be faster. Can this contradiction be resolved? We say yes. Find out more about the levers and solutions with which many companies have already successfully shortened their time to market.

Reasons for a shorter time to market

Overall, accelerating product development is a strategic necessity to remain competitive in today's fast-moving market environment and to meet the needs of customers.

It's about becoming faster than the others!!!

In a VUCA world, products need to be developed faster for 5 reasons:

Shortened product life cycles

Product life cycles are becoming ever shorter in many industries. New product technologies, changing customer preferences and evolving market trends mean that the product life cycle is shortening and companies need to bring new products to market more quickly in order to remain competitive.

Growing GLOBAL competition

Globalisation has intensified competition in many sectors. Companies are facing increasing competitive pressure and therefore need to develop and launch products faster than their competitors in order to gain or retain market share.

Customer requirements

Customers expect faster innovations and a quicker market launch of new products. Companies must respond to their customers' needs and react more quickly to ensure their satisfaction and maintain their loyalty.

Technological progress

Advances in technology, digitalisation, tools and methods enable companies to accelerate the product development process and react more quickly to changes in the market.

Economic efficiency

Faster product development can also lead to cost savings by improving efficiency throughout the development process. Companies can utilise their resources more effectively and maximise their return on investment by bringing products to market faster.

The levers

Fortunately, there are a few levers you can use to shorten the time to market of your product development and improve the flow. Check which ones apply to your company and then read which solution modules you can implement to realise the existing potential.

The solution modules

Essentially, we propose 12 solution modules that can be implemented independently of each other but are of course even more effective when used together.

Correlations

The solution modules presented always contribute to several levers or potentials. They can largely be implemented individually but have a reinforcing effect when combined. One way of selecting sensible solution modules for your own company is to look at the known or suspected potential. For example, if I suspect or am certain that tasks are rarely completed fully and correctly the first time in my company, I look in the Right First Time line to see how I can deal with this potential. Conversely, I can check the effect of planned solution modules.

The potential of individual solution modules can also be determined very effectively using project analyses. Together with the project team, I go through a completed project along the critical path and answer five questions:

  1. where did unnecessary development loops occur?
  2. how much time did these cost us?
  3. what measures could we have taken to prevent them?
  4. where can we save time regardless of unnecessary development loops?
  5. how much time can we save there?

practical example

We use this method as part of our maturity level assessments. In addition to the qualitative measures to increase the maturity level of interdisciplinary product development, companies usually also want to determine the concrete potential for shortening the time to market. At this company, the analysis of 5 projects revealed that

  • important technical components had not been secured in pre-development.
  • Customer requirements, in particular manufacturing cost targets, were not clarified at the start of the project
  • No systematic risk management was carried out.
  • Massive bottlenecks occurred in the procurement and production of prototype parts and verification.
  • Supplier quality was inadequate
  • Simultaneous interdisciplinary collaboration was inadequate
  • Decisions were made late

If all 12 solution modules presented here had been implemented, the time to market could have been 35% shorter on average and 60% shorter at peak times. A considerable potential!

Conclusion

We have identified 10 levers or potentials and 12 solution modules for shortening the time to market. You will certainly be able to name more from your personal experience. We hope to give you an opportunity to assess your own individual potential and define a logical sequence for the improvement steps. There are solution modules that can be implemented quickly and also lead to fast results. For others, you will need more time. It is crucial that you develop a plan, start, measure and visualise it and adapt your plan if necessary. Ultimately, the aim is to become faster than the others in order to secure and expand competitive advantages in the long term.

Your benefit

  • You know 10 levers or potentials and 12 solution modules
  • You can assess your individual potential
  • You focus on quick and long-term solution modules
  • You develop a plan for implementation
  • You secure and expand your competitive advantages
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