Manage my business R&D / Product Development Dashboard

Manage my business | R&D / Product Development Dashboard

R&D / Product Development Dashboard: Developing the right product, the right way, at the right time

CONTEXT & CHALLENGES

Developing a product means anticipating future demand from the public. It means being able to bring together all the elements required to create a specific product. But that’s not all. Appropriate expertise is required, as well as timing, a correct assessment of the sales price and, therefore, costs…

Market analysis, marketing of the product or service, design and various test stages, product aesthetics, engineering process development, customer feedback, product lifecycle, marketing processes and tests, production scheduling: All of the above parameters are crucial in developing the right product, in the right way and at the right time. Because product development is a complex and time-consuming process, all areas need to be monitored with a product development dashboard that provides an overview of progress over the long-term and in real-time.

R&D / PRODUCT DEVELOPMENT GOALS AND OBJECTIVES

Innovation

  • Identify new product/service opportunities
  • Find and foster innovation talents
  • Promote innovation boot camps & initiatives

Concept Screening

  • Perform preliminary evaluation of the product / service
  • Identify potential target markets
  • Define those market potential growth
  • Identify competition landscape
  • Assess the competitive pressure for the product idea
  • Identify the trends, opportunities & threats in this sector
  • Assess high-level technological feasibility

Concept Testing

  • Expose the product / service to a representative population of target customers
  • Measure attitude, intentions and enthousiasm towards the product / service

Business Plan

  • Run market researches and assess detailed competitive analysis
  • Establish Demand Planning
  • Assess overall costs of project
  • Estimate profitability
  • Plan investments

Product Development

  • Convert the innovation concept into a real product / service
  • Identify a basic marketing strategy
  • Settle product manufacturing, packing, branding, positioning and usage testing

Test Marketing

  • Place the product in one or more selected areas
  • Observe its actual performance under the proposed marketing plan
  • Evaluate the product and pretest marketing efforts in a real selling mode prior to a full-scale introduction
  • Observe the behavior of actual customers
  • Analyze competition / channel members reactions

Go-to-market

SOLUTIONS

With the aim of optimizing each stage of product development, whether in terms of cost, time, quality, compliance, or meeting customer expectations, it is essential to have a real-time view of each area involved, both independently and in relation to other areas. This is exactly what the fully customizable product development dashboard does, enabling you to switch easily from global to detailed views:

  • Improve performance in new product development by defining processes with appropriate metrics

  • Reduce risks linked to product compliance with an overview of complex marketing standards

  • Reduce production bottlenecks by improving your ability to innovate and get products to market faster

  • Define a product profitability threshold with precise measurement of the resources and assets invested in product development

  • Measure compliance with quality standards and customer requirements

  • Identify top performers using return on development to measure the productivity of product development investments with regards to activities such as development cost, revenue attainment, and product unit cost

  • Provide executives with relevant metrics and insight to improve new product development performance

  • Help product development companies streamline compliance with complex standards through integrated processes, built-in audit trails and KPIs

  • Improve ability to innovate, bring products to market faster and reduce manufacturing bottleneck

  • Measure assets and resources invested in or used to generate business results

PRODUCT DEVELOPMENT KPIS

Key Performance Indicators are used to measure the realized progress towards a strategic objective.
For a R&D / Product Development dashboard, here is a sample list of KPIs Lintao recommends (non exhaustive list):

  • New Product Market Share (%)

  • New Product Sales (€)

  • Product Development Costs (€)

  • New Products Developed (#)

  • New Product Sales Potential (€)

  • New Products in Market (#, %)

  • Tested Products (#, %)

  • Product Development Lead Time

  • Time-To-Market

  • % R&D budget allocated to new products development

  • Average engineering change cycle time

  • Average age of patents

  • # Employees in R&D

  • Concept approval cycle time

  • Failure rate per unit of hours of operation

  • Failure rates of prototypes

  • # Ideas submitted per researcher per year

  • # Patents

  • # of customer needs identified

  • # approved projects ongoing

  • Unit production costs vs target costs

  • Costs of investment

  • Cancelled projecst and/or wasted spending (last 12 months)

  • … or your own R&D / Product Development KPIs

R&D / PRODUCT DEVELOPMENT ANALYTICAL AXES

The axes of analysis represent the elements by which you want to segment your observable information (such a KPIs) to understand the rationales behind a given performance. Also called ‘dimensions’.
For a R&D / Product Development dashboard, Lintao identifies the following axes of analysis (non exhaustive list):

  • Time

  • Organization

  • Business Line

  • Plant

  • Location

  • Customer

  • Product/Service

  • Project

  • Strategic Intent

  • Brand

  • … or your own R&D / Product Development analysis axes

GET AN IMPACTFUL R&D / PRODUCT DEVELOPMENT DASHBOARD ON YOUR BI TECHNOLOGY

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