The product development industry is constantly changing in an effort to satisfy the needs and preferences of customers. It, therefore, poses a huge challenge on the part of developers and designers to keep up with the new product development game.
The rules are always changing. Hence, the old system approach that involves low cost, high quality, and differentiation proved insufficient in being able to compete in a cutthroat market. Experts specifically pointed out speed and flexibility as the critical factors for the successful design and development of new products.
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By speed, it basically means that companies need to generate new products on a regular and periodic basis. In fact, statistics have shown that it is the main source of profits for most of these companies.
With a new emphasis on approaching development in the industry, companies are compelled to look for a professional product development company that can assist them in the design and manufacturing process. Or, it has called upon a new emphasis in terms of the approach used for creating products such that the traditional relay race approach isn't going to work anymore.
To understand just how the new product development industry has changed, it is important to do a comparison of the old and new approaches. The traditional approach follows a race relay format wherein individuals or teams are assigned to do specific tasks based on their expertise or skills.
Hence, the production system is divided into different segments that are to be done at a specific stage in the process. This process is followed from phase to phase at a given sequence.
Companies might differ in their approach but the general procedure might be something like this: conception of the idea, feasibility test, building a design prototype, pilot production, and the final production.