This chapter is from the book
- The technical development of new products must enable the success of the business.
- Developing new products is not just a challenge for engineering. Many functions of your enterprise must be involved deliberately in value-adding ways that are appropriate.
- Ongoing research of markets and technical concepts must identify advantageous business opportunities and evaluate competitive threats.
- Product development must implement superior design concepts that can be manufactured and serviced economically, with constant attention to risks.
- Excellence in teamwork has to be achieved across organizations, between teams and management, extending along the entire value chain to suppliers and customers.
- The processes and practices that are inherent in the way that work is done must deliver effective results in an efficient manner consistently from one project to the next.
- With the investment in product development being an investment in developing a new or extended business, better methodologies, with excellence in their execution, can deliver substantial competitive advantages in the market and much-improved returns to the company.