The Future of Product DevelopmentIncreasing efficiency under new market conditions

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Introduction

About R&D Efficiency

Traditional product development is undergoing a significant transformation, driven by rapid changes in market conditions and a high rate of innovation in new technologies. In this dynamic environment, companies face challenges that often require a strategic realignment of their product development processes to meet increasing efficiency demands.

The goal of increasing revenue while reducing costs remains unchanged. Additionally, accelerating the product development timeline, or «Time-to-Market,» has become crucial. This is key to responding promptly to customer expectations and thereby securing important market shares. Beyond economic metrics, it is essential, at least in the medium term, to maintain or even improve quality and the rate of innovation to secure or expand market share.

The constantly growing expectations placed on product development necessitate regular reviews and adjustments of processes. New challenges, such as local standards and regulations (e.g., EU-GPSR, EU-CS3D, EU-CRA) or bans (like the EU Green Deal, which plans for the phase-out of internal combustion engines), sometimes catch product development off guard. Technological advancements are not always the primary driver; rather, product compliance plays a crucial role in ensuring market access and thus, the success of the business.

As if the technical and partly politically motivated regulations were not challenging enough, increasing globalization leads to a more global competition. Products that were previously developed entirely in one region for that region now often undergo only regional adjustments to meet local customer expectations. This ultimately means that not only do companies with various development locations compete against each other, but competition also arises within a corporation among different departments.

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Goal of the study

Why are we performing this study?

In practice, it has been observed that traditional product development moves in an alternating structure over years, even decades, to achieve either high innovation strength or high cost efficiency, depending on the needs. Rarely are both objectives achieved simultaneously. Yet, especially now, in light of the high inflation of recent years, rising energy and labor costs, declining consumer behavior, and political uncertainty, companies in Germany and the EU are forced to act cost-efficiently. However, to remain competitive against companies in Asia and America, a high rate of innovation is also necessary. This may seem contradictory at first, but it does not necessarily have to be.

This study explores the various levers that companies can pull to position themselves in terms of cost efficiency and innovation rate. It evaluates individual factors in terms of efficiency and innovativity, and highlights current trends in the industry. The study takes a holistic view, examining the various dimensions from strategy to the final development process, to identify application areas and potentials.

The main objective of this study is to develop a comprehensive understanding of the current challenges in product development and to identify effective strategies for increasing efficiency. The aim is to derive practical recommendations for companies in a wide range of industries that are tailored to the specific needs and challenges of the current economic situation. The results of the study should help companies to optimize their product development processes, accelerate the implementation of advanced technologies and promote a culture of innovation.

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— Winston Churchill
Never let a good crisis go to waste.
— Winston Churchill

Efficiency in R&D is achieved by balancing the interacting elements and factors at different layers

Strategy
R&D Strategy
Defines the framework and objectives for driving innovation, developing new products or technologies and gaining a competitive edge.
Product Strategy
Defines the company’s approach and objectives with regard to the development, positioning and marketing of its products.
Structure
Organization / Structure
Refers to the way in which tasks, responsibilities and powers are divided up and coordinated within the organization.
Systems
Processes
Structured and repeatable activities or sequences of actions aimed at achieving specific goals.
Methods
Work methods and procedures used to accomplish specific tasks or processes using specific tools, technologies or standard operating procedures.
Tools
Providing suitable technologies and tools to make work easier or increase efficiency through automation and digital tools.
Soft Factors
People
Consideration of people and their role in organizations, projects or processes in order to increase efficiency.
Culture
Common values, norms, beliefs, patterns of behaviour and practices that are shared within an organization and accepted by its members.

Your Benefits

As a participant in the study, you can expect a range of benefits from the results.

Participate now!

Participate now!

We cordially invite you to participate in our comprehensive study on «The future of product development – increasing efficiency under new market conditions.» Your experiences and insights are of invaluable importance to us in painting a detailed picture of the current challenges and potentials in the development landscape. Participation offers not only the opportunity to contribute to the improvement of development processes in your industry but also to directly benefit from the findings and innovative approaches.

As a token of our appreciation for your valuable participation, all study participants will receive exclusive complimentary access to the study results. These findings will provide profound insights into best practices and innovative strategies for increasing development efficiency that you can directly apply within your company.

Your participation will enable us to shape the future of development efficiency together and to develop solutions that meet the challenges of the market. Let us set the course for a more efficient and successful future in product development together.

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Our Experts

Meet the Team

The study is organized and carried out by our experts from the INVENSITY «Process Transformation» Team, who will be happy to answer any of your questions.