The Speed of New Product Development

Volume 64, Issue 5, September-October 2021, Page 9-10

New product development (NPD) is complex and is becoming more so. NPD leaders have always had to understand evolving customer needs, carefully exploit the benefits of emerging technologies, and work to align the many stakeholders required for new product success. But the pace of change is accelerating, and the tools that have served NPD well for decades are beginning to fail. Why is this? Simply put, the tools were designed for a more stable world. New digital technologies are changing the speed of innovation, the design space for physical products, and the business models for delivering them, often all at once.