Fast Track Product Development: Technology Plus Management

Fast track product development can be pursued today via two avenues: technology tools, including

• Computer-aided design (CAD)
• Rapid prototyping and manufacturing technologies
• Finite-element analysis and circuit simulation software
• In drug innovation, rational drug design and combinatorial chemistry tools to discover and screen drug candidates.
• Modern communication and collaboration tools

or by applying management tools, such as

• Dedicated, cross-functional teams
• An underlying process enabling fast product development
• Project risk management
• Appropriate product architecture and design-reuse

At one time, this was a choice, but today it isn't: truly fast track product development companies use an astute blend of the two. Please see our article, "The Business of Rapid Prototyping" These combinations can be especially powerful in the fuzzy front end of development.

However, we normally concentrate on fast track product development from the management side, simply because we have found that without a solid management foundation in place, it is difficult to select appropriate technology tools or apply them effectively.

Most manufacturers today have strong information technology (IT) groups, backed by powerful IT suppliers, which take the lead in introducing the technology tools. In some cases vocal engineers (or scientists in the case of drug development) drive the acquisition process. Acquiring and installing the new technology may be expensive, but it is actually the easier half of the package. All too often, in the enthusiasm  surrounding a new technology implementation, management neglects to provide the training, reorientation, and process redesign that will allow the technology to bear fruit. This is precisely where New Product Dynamics adds value.

Even technology tools as mundane today as e-mail and videoconferencing offer great opportunity in how they can be applied to improve and accelerate development by establishing team communication protocols. Projects slip one day at a time, and technologies such as voicemail and its associated phone tag are major contributors to this slippage unless the team sets up protocols to employ them effectively. We are continually amazed that management spends generously on new communication technologies and then neglects the relatively cheap final steps toward effective implementation.

In addition to using technology to accelerate innovation, you can also employ technology in the product itself. For more on this see our book review.