5 Steps to Profitable NPD
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Success in New Product Development (NPD) is an oft-studied, yet sometimes elusive, objective of even the most progressive firms. While some firms view success as achieving the technical goals of an innovation program and others view success as being first to market with a new idea, most companies view success in terms of profitability.
For example, only slightly more than half of new products introduced by firms in the previous five year period were successful. A mortality rate of 10 out of 11 projects, coupled with an average of three years to commercialize a new product (1), are facts that clearly illustrate that most companies have significant room for improvement in their innovation processes. About one-third of firms revise and update their NPD processes every three to five years (1). Furthermore, the companies that perform the “best” realized a 75% success rate in new product commercialization as compared to only 54% for the “rest” (1).
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