Simple tools to integrate product development and the customer-support cycle with the strategic business plan.
The development and commercialization of new products and technology is a key component of any viable strategic business plan. By its nature, the development process is risky, time consuming, expensive and labor intensive and, in a lean business environment, effective resource allocation is crucial. Although many companies focus the majority of their new product efforts on the actual lab work, technical success in the lab is just one aspect of the commercialization process and that effort alone does not ensure commercial success. To increase the chances of commercial success, the development needs to be integrated into the business plan to ensure internal sales and customer acceptance. A stage-gate process that starts with an internal market team and early customer commitment can significantly increase the chance of success for a new product.
Management of the development process in conjunction with the business plan can often be cumbersome to balance. Opportunities are often missed or not leveraged to their full advantage because the pieces of the puzzle do not always fit together in a clear manner. Additionally, many companies develop business processes that are so complex in size and scope that managers find themselves managing the process and not the outcome.