The development of new products does not happen by chance. Whether it is a good, a service, a process…, it always involves a long process, from the search for ideas to determine the basic concept of the innovation in question to its launch on the market. It requires a significant investment in terms of time and human, financial and material resources. Implementing an innovative and functional idea can therefore be difficult for aspiring entrepreneurs and sometimes even for more seasoned ones. However, if a new product is a great commercial success, the spin-offs can be highly rewarding in every sense of the word.
Fortunately, to support the development of new products in order to achieve this objective of success and innovation, digital tools are made available to those involved in the process of designing innovative products. We invite you to read on to discover them. But first, let’s take a look at the different steps leading to the development of a new product.
Different steps leading to the development of a new product
Search and filtering of ideas
A stage where all the brains are brought into play. All ideas are initially welcomed without filtering. Then, those that have no chance of success are abandoned and finally only the idea that wins the most votes and whose realisation seems possible, taking into account precise and previously established parameters, is retained.
Development plan
Each of the development phases is evaluated, from the design to the marketing of the product.
Market research
This stage consists of analysing the viability and reliability of the new product on the market, testing the concept and the commercial offer, carrying out economic feasibility studies.
Protection of the idea
Obtaining a patent grants creators exclusive rights to a new product, service or process.
Developing a launch strategy
At this stage, the target clientele, the positioning of the product on the market, the modes of promotion and distribution, the objectives in terms of turnover and market shares are clearly established.
Prototype proposal
Once the characteristics of the new product have been accurately determined, the aim of this stage is to offer a functional copy to the target audience.
Technological showcase
The setting up of a showcase allows the analysis of consumer behaviour when faced with a new product…
Production
It is at this stage that the necessary resources are pooled to proceed with the design of the product.
Launching the product on the market
This stage is carried out in accordance with the marketing strategy chosen and in collaboration with the communication department for the presentation of the product.
Follow-up
Following the launch, careful monitoring and control of sales growth and market share must be undertaken in order to readjust if necessary according to initial forecasts and objectives.
Digital tools to optimise innovation
There are a number of proven tools that aim to accelerate and structure the process of developing new products. Software for Roadmap (such as aha), PPM (Project Portfolio Management, such as Planview), Product Management Softwares (such as Productboard) all contribute to the efficient management of an entire product portfolio in order to facilitate the development and launch of new products. We will focus in particular on PDM (Product Data Management) and PLM (Product LifeCycle Management).
A PDM or Product Data Management tool enables the collection, processing and security of technical product data (specifications, technical files, CAD models, etc.) and their distribution via an interface accessible to the various parties involved in the development of a product and its life cycle. In French, we speak of a TDMS, a Technical Data Management System. However, it is possible to go a little further by linking a CAD to a PLM solution, whose scope is less limited than a PDM.
Designing a product with PLM is greatly facilitated. By using this type of solution, which is more global than a PDM and which is essentially based on collaborative software tools, the management of all aspects of the product development lifecycle and the centralisation, standardisation and sharing of product-related information are ensured. This makes it easier to design competitive, high quality and affordable products. What’s more, the effectiveness of PLM tools in shortening the product time-to-market (TTM) cycle with a rapid and significant ROI is now beyond doubt. TTM ensures the highest level of innovation to distance oneself from the competition and makes it possible to roughly predict the success or failure of a product.
