LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on how lean product development helps improve your bottom line. This article provides comprehensive insights into the meaning of lean product development and why it is essential for modern businesses. The steps involved in lean product development process are also explained in detail in the article.
Lean principles help to meet the rising challenges in product development. Although lean product development has been traditionally applied in manufacturing environments, it can prove to be effective in any industry. This is primarily because all businesses benefit from cycle time improvements, increased productivity, and cost savings.
80% of business failures can be attributed to how products are developed. Request a free proposal to learn we can help you strategize for an optimal product development process.
Steps in an effective lean product development process
Specify value for customers
The value that is being created for customers has a significant impact on the success and sustainability of lean product development. Before the actual product development process, manufacturers must look at the existing market and work backwards to ensure that the product being produced will attract the target customers and induce them to make a purchase.
Businesses that place cost reductions ahead of value creation while implementing lean principles often see their lean efforts fall flat. Get in touch with our experts for more insights on lean product development.
Identify value streams
Product development has a major impact on a company’s overall ecosystem. For products to be brought to the market successfully, it is essential to think end-to-end and ensure that all the employees are clear on the job roles assigned to them. Processes in organizations run smoothly when manufacturers, engineers, marketers, and the sales team know their role in the value stream.
Ensure faster flow in the value streams
A lean company always aims to streamline processes and the value streams. This consequently ensures that customers are served faster, lead times are shorter, and improved product quality and flexibility of processes in the organization. This would also eventually result in lower product cost.
Respond to customer pull
Gaining a clear understanding of customer pull is vital to make product development flow faster. Customer pull here refers to the customer demand for a particular product in a market. Eliminating wastes and responding to customer demand effectively would also create a positive customer experience by allowing time to work on things that create more value.
Learn more about how to adopt lean production principles at your organization. Request for more information.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us