The right project management software accounts for the types of mistakes that are typical during product development. Since the software does the heavy lifting in critical areas where the problems are most likely to occur, human resources are free to be reassigned to other critical areas. This preventative design allows the products to be developed under optimal conditions. It leverages previous generations of activity to refine the current processes.
New Product Development Process
The new product development process, or NPD, is a term given to all of the activities needed to take a product from the conceptual stage to the final release onto the market.
This includes products that are being re-branded in addition to products that are completely new. These products can provide the company with additional leverage over competitors. They can also increase the company’s market share by establishing the brand’s dominance over similar products. The release of any new or re-branded product can impact the company in a variety of ways, so streamlining the process is critical.
New Product Development
The NPD cycle offers companies a chance to release a product with superior characteristics at a lower price. In the past, this has been done with various kinds of products including coffee machines, microwaves and cars. The company benefits when the latest iteration cuts costs and improves the product.
There are typically three main stages for NPD, and they consist of the following:
- Planning: This stage includes the work of designers and conceptual contributors.
- Product development: This stage involves the implementation of the design that made it past the draft stage and into full approval.
- Marketing: Once the development of the product is completed, marketing strategists need to be ready for the release of the product with a full marketing plan ready to be put into action.
About NPD Software
Project management software is capable of streamlining the entire process for new product development, or NPD. This is possible because critical iterations have already taken place and are implied within the software’s design. The planning, implementation and monitoring functions that used to be done by fallible humans can now be done through software that automatically detects common problems early enough to correct them before costs accrue.
Detecting problems early in the development process can save money and allow the product to be released at a lower per-unit price. This can only happen when there is a method of alerting the development team early enough in the product development cycle. This is cost-effective because it allows mistakes to be corrected before they incur extraordinary costs. Project management software fills this role. It can efficiently coordinate activities across different teams without sacrificing cohesiveness, quality or consistency.
Project Management Software, NPD Acceleration
The project management software functions as an effective tool for streamlining new product developments. Find out how project management software can reduce errors, eliminate waste, coordinate team efforts and monitor the project’s outcomes. Increase profits while eliminating costly mistakes. Contact us for additional information about our enterprise-ready project management software.