‘ New Product Development’ is one of the highest priorities of executives across industries, but it is challenging for companies to consistently improve. Driving more new product development or creation that produces market successes and increased profitability relies on several important levers, including involvement of the management team belonging to the supply chain.
A key to optimizing the new product development process is a well-aligned and mobilized cross-functional team. We, help the specialists in the early process of product development to gain a competitive advantage in driving new product success by ensuring that the product can be supported functionally and profitably. We engage partners and suppliers early in the process. Suppliers, co-manufacturers, distributors and other members of the extended supply chain can be mined for potential ideas, which remove constraints imposed by relying solely on internal resources. The goal is to catch and rectify any potential negative or suboptimal supply chain consequences for efficiency, cost, service, and quality across the end-to-end supply before there is a downstream impact on launch or post-launch activity.
Across the stage-gates, there are important supply chain considerations and questions that can affect the success of new product development which we help to evaluate. These are:
Plan – How accurate is the new item forecast? What is the supply chain impact of the inaccuracies?
Procure – Do our suppliers have the flexibility to react to changes in demand?
Make – Should we produce the new product within our current internal network? Or should we outsource, either in the short or long term as product volume ramps up?
Deliver – What service requirements are expected by our customers and if our current distribution network setups are able to meet them?
Overall – Which supply chain metrics should be used to measure cost, service, quality, and efficiency tied to NPD?
We regulate many functions for the success of a new product development, which includes sales, marketing, research and development (R&D), legal and regulatory, quality, program management and executive management.