All over the world, regardless of the sector, every company has to tackle a major challenge: ensure an effective day-to-day production while staying in the game with innovative practices. Products are continually evolving and market competitors do not cease to grow.
As responsiveness and innovation guarantee the business success, it is crucial to adapt your product development process and managerial practices.
What would be the solution to ensure this?
Accelerating your time-to-market!
What exactly do we mean by « time-to-market »?
Time-to-market, or speed to market, is the length of time it takes from a product being conceived until its being available for sale. It allows to measure how much businesses can be innovative.
The better control you have over your product development processes, the better you’ll be able to predict your time to market. You will also make sure to launch your good in the right place and at the right time.
How speeding-up time-to-market can be beneficial to your company?
One way to explain the importance of speed to market for businesses is by defining how it can hurt. Nowadays, teams and organization misuse 40% or more of their resources. This waste is essentially due to: pointless overhead (mainly administrative paperwork), repetitive work, unneeded features, bad product launch and poor information management. For your information: 80% of these data are unstructured (e-mails, pictures, videos, documents, social media… ) and actual tools do not support them well.
Inversely, a reduced time-to-market can bring immediate outcomes to your business:
- Efficient managerial practices : having a reliable timeline will allow you to get ahead with times and costs, plan schedules based on lead times and headcount planning.
- Increased margin revenue : the more you are responsive to the market needs (without skipping any steps or compromising quality) the greater your revenue will be as your product release was earlier than anticipated and met the market needs.
- A real competitive advantage and gain faster market shares.
- Increased market opportunities
- One step ahead of the competition
What are the 5 main key points to speed-up your go-to-market?
Previously, we have redefined the link between time-to-market and product development. On this basis, here are the main levers to boost your process:
1- Well-defined workflows: : eliminate hand offs, minimize down times and waste of time throughout the whole process. Caution, well-defined everyone’s work does not mean that you need to work in closed-off departments or silos, but rather break these and share your knowledge.
2- Process automation: the availability of enablement tools is not enough. You need to have operational tools in order to approve processes and reports needed for effective management. The most difficult is to align every team member on one of the same process and stick to it. Automating the product development cycles will allow you to focus on what matters the most.
3- Effective traceability: supervise and manage the risks goes beyond tracking the status. Get everyone involved in the process. By sharing visual information, you facilitate their access and visibility. Moreover, fluidity and inter-teams collaboration contribute to the achievement of objectives with more transparency and agility.
4- Streamlined, accessible information management: repurpose content for multiple projects and media. It has never been more important to organize and improve communication flows. We must know how to come from an abstract idea to a concrete product. Accessible and visual data make review much more easier and faster.
5- Real-time & flexibility: in a constantly evolving society, it is essential to be responsive and attentive to any major market changes. Collecting and sharing information in real-time allow your teams to gain in agility and lead to highly effective decision-making.
New solutions have emerged to help companies accelerating their time-to-market by 20 to 40%. Nonetheless, before choosing the right tool (between PLM, ERP or other collaborative tools), ask yourself a question:
In the view of controlling time and costs, would it be more wise to use simple and visual tools rather than inflexible ones which have long-term amortization?
If your answer is yes, Mushin is made for you. The collaborative platform is easy, fast to deploy and has immediate outcomes. The overall offer covers all uses in the creative phase in the upstream product development process. It is no secret that this stage is seen as a major impediment to the improvement of products and processes. This web and mobile solution will give your product teams the possibility to be more reactive, flexible and rigorous.