Innovation Software Facilitates NPDI & Product Portfolio Decisions
New Product Development and Introduction (NPDI) processes such as Stage-Gate and PRTM’s Product and Cycle Time Excellence (PACE) provide a conceptual and operational road map for moving a new-product project from idea to launch. The success of most NPDI efforts depends on effective problem solving throughout the process.
Widely deployed NPDI processes like Stage-Gate, PACE and others, identify the steps, sequences and checkpoints that ensure successful product development, but they don’t actually specify how the detailed innovation work gets done. Stages – or activities – are completed by select members of the project team having the requisite skillset to produce the deliverable called for in that stage. Often, a fair amount of analysis and information gathering occurs to satisfy the requirements of the stage. Stages are cross-functional so a broad range of technical, financial, market, and operational data needs to be analyzed including historical corporate knowledge. Stages that evaluate feasibility of new products or processes call for consideration of a broader information set which is often formidable to even locate.
Innovation software can complement these NPDI processes by providing the mechanism for problem identification and understanding, concept generation and solution formulation and validation. Structured workflows and embedded methodologies facilitate the gathering of vital technical information to reduce risks and uncertainties as the life-cycle progresses into increasingly complex and expensive phases. Finding subject matter experts for each stage, collaborating on researched items, and documenting deliverables for each gate are automated within the innovation software platform, making for informed Go/No-Go decisions.
Innovation software like Invention Machine Goldfire provides extensive research capabilities that support quick validation of NPDI project strategies. Locating and leveraging subject matter experts ensure the right personnel with the applicable innovation skillsets participate on cross functional teams at the appropriate stage. This enables ‘fast failure’ of project ideas that lack technical feasibility, business viability, legal freedom to operate, or competitive viability.