A recent article by Barry Jaruzelski and Richard Holman of Booz & Company, examined the current state of product development in the manufacturing and design industry. According to Jaruzelski and Holman with a rapidly evolving marketplace and the constant changes in customer preferences, the need to innovate, develop and “invest in distinctive capabilities to ensure their future success” has never been greater.
The following marketplace demands and challenges were identified as factors that significantly impact the product development process:
Marketplace demands
A rapidly changing, high-pressure competitive landscape.
The need for shorter product lifecycles, more frequent iterations and faster product releases to address constantly shifting marketplace demands.
Pressure to decrease overall costs associated with product planning, research and development.
Challenges and obstacles
Traditionally rigid, inflexible processes that do not allow for continuous customer feedback integration
Increased costs and excessive time spent in the planning and development phases
