You can’t rush perfection – or can you?
Creating a new product is never a decision to take lightly. Bringing new products to market requires countless hours of research, development, testing, and marketing, not to mention the associated costs. Companies must be especially calculated when it comes to choosing which new products to pursue.
The “build it and they will come” mentality no longer reigns supreme, so it’s no surprise that companies are heavily invested in product lifecycle management to ensure they’ve chosen the right path.
Part of the confidence for new product development can come from having the right data – from understanding consumer wants and needs to researching materials suppliers. But having missing or inaccurate data during the product development cycle is not an option. Yet, poor data management is the reality for many companies, which can result in longer development cycles and delays in getting the new product to market.
One solution to improve the product development timeline is to prioritize better data management. Here’s how.
Why Data Matters in New Product Lifecycle Management
Innovation and new product development go hand in hand. According to a recent Brands in Motion study, 97% of customers expect companies to innovate when they create new products. However, it’s important to point out that innovation doesn’t necessarily equate to spending on R&D. Rather, in today’s competitive landscape, having the right data can make all the difference for the success of your new products.
For starters, data can spark the best ideas for new products based on consumer recommendations and market needs. Your customers can be data goldmines (e.g. online reviews, customer feedback surveys, focus groups, etc.) to help inform your product lifecycle management strategies.
Throughout the product development cycle, you’ll need to consider a variety of data points, including the types, costs and suppliers of raw materials, lead times for manufacturing, and shipping the new product. There’s also a matter of choosing how to market the product based on past marketing successes, establishing a target audience for the new product, and ensuring there’s enough of a market need for the product.
Combined, all of the above data can prove critical to the success of a new product. It’s not enough to simply innovate. Companies must also think about a product’s success for the short and long term and have the means to support the new product through every phase of the development cycle.
How Specright Supports the Entire Product Development Life Cycle
Specright fuels product specification data management for new product development by serving as a central anchor for data across the enterprise. Ideas that used to exist on sticky notes, spreadsheets, and disparate systems can be stored and accessed via a single platform to aid in the decision-making for new products. Data points that traditionally exist in silos can be linked to create a fuller picture of each product development cycle to improve forecasting and streamline R&D for a faster route-to-market.
Want to see how product specification data management works? Check out these 3 simple ways you can use Specright to set your product development cycle up for success.