Is your new product introduction process fit for purpose?
New product introduction (NPI) in most companies is a complex and sometimes messy process. Research conducted by the IfM’s Design Management Group identified four key areas that companies found most challenging when handling NPI:
- Process – lack of appropriate NPI process or too much bureaucracy.
- Product – lack of market awareness.
- Project – poor project management resulting in late or over-budget projects.
- Resources – inefficient resourcing and too much to do to progress an idea.
Off the back of this research and to help overcome these challenges a number of management tools and techniques related to NPI were developed.
The NPI Maturity Assessment Tool helps to assess the current capabilities an organisation possesses in relation to new product introduction. Improvements can then be identified to strategically prioritise their portfolio of new products for delivery on time, to budget and in demand by the market.
This introductory video covers:
- What is new product introduction and why can it fail?
- An introduction to the 4Ps: process, product, project and portfolio
- How to use the IfM NPI Maturity Assessment Tool
- Understanding the results
- The ‘on a page’ approach to NPI
You can download the new product introduction maturity grids explained in the video to use in your own time below. The maturity grid templates are designed so that you can asses your organisations current capabilities and identify where you might make improvements to processes in the future.