What is the value of the new product development process?
The new product development process, or NPD process, and its value to business seems to be enjoying a resurgence in popularity. Top tier companies and startups, along with the angel investment and VC communities are taking a close look at the benefits of engaging in the process in its many phases and both its design and engineering aspects. Cost control, as cited in this Wharton School document, cost effectiveness, and the desire to better predict the outcomes of development efforts are all driving renewed interest in all phases of the process.
What are the benefits of the new product development process?
There are benefits to be had at every step, from exploring myriad possibilities up front through white space investigation through to sustaining engineering and product improvement.
Here’s some of the benefits of the new product development process in a nutshell.
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