Innovation Tools: Time Management and NPD
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In today’s busy world with faster and better global competition, companies must work effectively and efficiently to bring new products to market.
Throughout this paper, we have shared three methodologies to improve time management skills of innovation teams and individuals. First, a strong strategic message regarding products, markets, and technologies leads firms to greater focus and creativity. Next, evaluating each and every project leads to continuous improvement through the post-launch review. Post commercialization audits not only examine whether an individual product met its financial goals, but feedback from the review directs the NPD teams toward more efficient design and development processes.
Finally, a tactical in-depth, visualization of the project schedule can identify limitations and assumptions about the product development needs. A network diagram is a graphical tool that helps the project leader better manage scarce NPD resources.
Successful NPD relies on a whole host of factors, yet time management is frequently overlooked as a key element to innovation success. Putting the three skills from this paper into practice can yield immediate results for any NPD program!