Companies today must continually release new products to keep up with consumer demand. This can be difficult when you have distributed teams working with external suppliers. Slip ups are common. Unfortunately, one mistake can create numerous problems for your business. It’s important to ensure that everyone is on the same page when it comes to new product introductions.
What is NPI?
New Product Introduction (NPI) includes all of the processes and activities involved with the design, development, and launch of a new or improved product.
New product introduction (NPI) processes affect every part of production from concept through competition. It’s crucial that companies review and refine these processes to ensure smooth and efficient product development and introduction.
Importance of NPI Best Practices
Around 80% of new products fail. This is an unsettling statistic for any company responsible for the design and creation of new products. Fortunately, there are some NPI best practices that can improve your chances of success. These processes revolve around understanding the consumer, clear communication, and ensuring high quality design and development.
The creation of every product begins with design and innovation. During the design process, companies should consider the needs of the consumer. For best results, figure out how your product can solve a problem or relieve a pain point for the customer.
Taking a customer-focused approach to the design process improves the odds of success exponentially. Talking to existing and potential customers provides a unique opportunity to learn what’s needed and what’s important. Performing market research helps define product requirements.
Communication is Key
Clear communication is key to the successful design and creation of new products. This is especially true when working with an external partner. Everyone should know what is expected and what’s going on.
Quality and Consistency
It doesn’t matter how well a company knows the needs of their consumers or how well they communicate these needs with their suppliers if they don’t have the processes in place to ensure the quality and consistency of each product produced.
Utilizing the help of an experienced contract manufacturer ensures the production of high quality products. Partnering with a CM early in the process helps improve design. The right contract manufacturer tests every component throughout the production process. This helps catch issues early, when they’re easier to fix.
Means Engineering provides a wide range of contract manufacturing services. Please contact us to learn how we can assist with New Product Introductions.