This is the third part in a series of articles that take the need of innovation under the loop and share some of the imperatives, must haves if you will, to create and sustain “NEW” in business or organizations. This article focuses on the new product developing process.
by Robert Brands
Innovation is the key to your company’s survival. It is an imperative and it must be an integral part of your organization. Innovation — it must be encoded in your corporate DNA. One of the most important parts in your innovation process is having an up to snuff new product development process.
The New Product Development Process
A formalized New Product Development NPD process is essential. Although alternative approaches exist the most common type is referred to as the Stage-Gate® Process (Stage-Gate ® is a registered trademark of Product Development Institute Inc.). The Stage-Gate innovation process is, according to its developers, ‘‘a carefully designed business process’’ and the result of comprehensive research into under- standing the reasons behind product success and failure (see http://www.stage-gate.com for more information). The process was pioneered by Dr. Robert G. Cooper and is widely used, and trusted, by companies around the world.
The process, in essence, has two key elements: (more…)