In order to succeed, the new product development (NPD) process requires visibility and accountability. Unfortunately, many teams fall victim to common errors easily avoided with the implementation of NPD software.
Adding Too Many Features
It is easy to get caught up in the product planning process and want to include every feature you feel would be help your customers, but going down this path can result in a product design you can’t reasonably execute. Software helps you develop a clear plan, makes it easier to compare your available resources with the cost and labor involved in the product you want to create and keeps you focused on the most important features.
Failing to Connect with Your Audience
You don’t want to be the person who falls in love with a product idea that turns out to be futile in the larger market. Every NPD plan needs to include market research to determine what category your proposed product or service falls into. Integrating project management software into the process allows you to pull information on existing customers and collaborate with your sales and marketing teams to get a clearer idea of whether your product will be well received by your target market.
If something goes wrong during your product development, you have to identify and correct the issue before it spirals out of control. Team members may not always be willing to point out problems, especially if they’re wary of dampening your enthusiasm for the project. Digital tracking and reporting tools make red flags visible to all staff members working on development, so that you can adjust your approach the moment the project begins to veer off track.
Every project needs a budget, but even the most detailed and meticulous plan won’t do you any good if you fail to stick to it. Costs add up quickly, and you could find yourself in the red before you know it, putting a stop to product development before your new idea can get off the ground.
With a proper NPD software platform, you can plug in your budget. This allows you to make daily comparisons between your projected spending and how much of your budget has been used. With NPD software, you can adjust your resource allocation as needed to ensure you stay within your limit.
Not Having a Success Plan
What happens if your product takes off and you don’t have the proper resources in place to handle a sudden influx of business? Managing your project digitally gives you all the tools you need to monitor resources, forecast potential outcomes and decide if you need to invest in additional infrastructure or staff. Take advantage of the ability to collaborate with ease and keep team members in the loop from planning to launch.
Make your new product development process easier with the right software solution. Project management software from PMware provides a platform for better planning, organization and collaboration, allowing you to monitor and control every step and create a successful product.