Challenge
Senior executives of a large manufacturing company needed to accelerate revenue growth and increase profitability of their go-to-market operations. They needed to increase the speed to market. The processes they used to develop and test new products were too slow and not accurate enough, resulting in too many situations where redesign and re-testing was needed. They identified a strong need to reduce time and expense of product development and accelerate launch schedules, but were not satisfied with the current rate of progress.
How We Helped
We designed and led a process to identify opportunities to increase capacity and effectiveness of developing new product technologies. We discovered that creating a better integrated workflow between functional groups provided multiple opportunities to produce a more rapid accurate, and consistent development process. The increased collaboration also reduced conflict between the groups while generating a greater number of innovative opportunities for new technologies and products.
Results
The new approach enabled the company to increase their screening capacity and predictability tenfold. This allowed them to identify promising new technologies in a fraction of the time they had previously experienced. In addition, they were able to employ the new methodologies across several additional product lines, reducing development cycle time by as much as half. This increase in speed to market led to a windfall of millions of dollars in accelerated revenue.
