New product development is not a simple task. While putting up this complex procedure, most new product developers struggle with three things – time, budget and ideas. The company planning to launch a new product in the market might get stuck in these struggles and might feel that there are never enough resources to complete what they have begun.
The development teams feel the pressure of unrealistic schedules and push to deliver the product fast for ahead of time launch. This hurts the efforts to launch a successful product by hindering its path of development. Many companies are under an impression that new product development is similar to manufacturing but they cannot wrong enough as former uses many critical procedures. New product development is hardly repetitive like manufacturing and involves generation and nurturing of a new product idea.
The lack of understanding about the differences between two processes creates a rift and also gives rise to many myths. It is quite common for every sector to have some myths spread widely across. Here are some new product development myths that you need to be aware of:
Myth #1: The More Resources You Use the Better Performance You Get
From small companies to giant ones, there are the majority of companies which believe in this myth. This forces them to employ the whole new product development resources capacity. They not only try to maintain the team for development process but they maintain a manufacturing unit as well. But through our experience of consulting, we have realised that due to the involvement of people and resource time factor do not work out well. Logically it fits well, a product development company which uses all the components in an efficient and smooth manner is a better choice that collecting and putting resources into in-house development. If you invest more resources will not improve performance, better use of available resources will enhance your performance. Over utilisation of resources can also have a negative impact on the output quality. Product development is an unpredictable process and when managers do not take the intrinsic variability of development into account.
Myth #2: Sticking to a Single Product Development
As discussed earlier, a developing a new product is not a stagnant process rather it is an innovative process that is constantly evolving. There are many new product development managers who are very rigid when it comes to a product development plan. But in reality, the new product development procedure should be flexible. This is because it is a very creative process and what may feel right one time might change during the process and become non relevant. Even the initial idea that formed the foundation of the whole process might change its form and evolve throughout the process. New product development requires constant trial and improvement.
These are some of the myths that stop the development managers to come up with a successful new product. A right procedure to develop a new product will assist a launch of a profitable and successful product.