Investment in New Product Development and Introduction (NPDI) is still strong despite the global recession. However, the imperative for increased speed whilst still hitting tough budget and quality targets is even higher on the boardroom agenda.
European research shows that an average 4.2% of sales is spent on Research & Development (R&D), of which 15% is spent on research and innovation, whilst the remaining 85% is focused on New Product Development and Introduction (NPDI). However, the amount that a company invests in NPDI bears no correlation to its ability to deliver new products to market successfully.
Furthermore, despite companies looking for opportunities such as open innovation to reduce the investment required for filling the top of the product development pipeline there has been little success in improving the effectiveness and efficiency of NPDI. PA, through its work with clients and its own technology centre, realised that the drivers of NPDI performance are poorly understood. NPDI is in fact a business system, not a process – a system which by its very nature is chaotic and iterative.
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