Lean Product Development and the ability to develop new proprietary products or quickly refine an existing portfolio can be the difference between market stagnation and capitalizing on new growth opportunities. Many companies have the in-house capabilities to develop and commercialize new products, but often need strategic guidance to reduce manufacturing steps, develop prototypes, and ensure that the effort pays back with profitable sales. Companies that utilize a structured approach to new product development have a 400% increased probability of success with new products, 25% increased probability of being first to market, and a 66% reduction in time to market.
Generating ideas and processes for new products can be a challenge caused by a sporadic or chaotic innovation process, or non-value added engineering activities, both of which result in a less-than-fluid process for creating fresh concepts or renewed designs. In an effort to help streamline facility activities and optimize product and idea generation, IMEC is introducing Lean New Product Development via an introductory workshop in Quincy, Illinois on December 18.
The “quick start” Lean Product Development workshops provide a step-by-step methodology for integrating the powerful waste eliminating tools of Lean Product Development into any product development process. And in the current economic climate, doing more with less is a mandate for virtually any firm, particularly with respect to new product introductions. The design methods and principles can help companies overcome challenges regarding time to market, portfolio management, design and development resources, and new product cost.
The workshops can expose a company to an ideal New Product Development Process that can be easily scaled to their size and need, while providing insight and tools to begin the journey to transform their product design and development activity into a low waste, high value, lean process.
During the introductory workshop, NIST-MEP Product Development expert, Ed Maier, will present companies with an overview of the service, exploring methods and tools that can help with your lean product development challenges. Manufacturers are encouraged to attend the December 18th introductory workshop and learn more. Registration is available online now by visiting www.imec.org/events.cfm or contact Amy Fitzgerald, IMEC Marketing Manager at 309-677-2977 for more information.
