Product Development

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Lean Product Development

The rate of change and the pace of innovation in today’s market dictate that companies must continuously develop new offerings or risk falling behind their competition. To maintain profit margins, about 20% of your product mix should be new products (launched within the last two years). Despite the increasing need for speed and efficiency, much of the effort expended by product development teams is often unnecessary and potentially wasteful. In many cases, only one or two hours of a team member’s work day is spent doing real, value-added, product development work.

Lean Product Development applies the waste-elimination philosophy of Lean to the product development process, allowing firms to reduce time to market, development expense, and other product development risk, while improving resource utilization and product costs.

Firms that embrace Lean Product Development have reported:

  • Up to a 50% reduction in launch schedule
  • Dramatic improvements in gross margin
  • Enhanced customer satisfaction

Using a proven step-by-step methodology, LPD integrates powerful waste-eliminating tools into any product development process.

This highly-individualized process focuses on:

  • Creating cultural change while positioning your company to grow and increase profits by utilizing a more streamlined and effective product development process
  • Helping you overcome time-to-market, portfolio management, design and development resource, and new product cost challenges
  • Transforming the small- and mid-size manufacturer’s enterprise via the delivery and execution of LPD tools, methods, and strategies.

These methods can easily be scaled to your company’s size and are recommended for manufacturers who are new to product development or trying to improve their current product development process.

Contact VMEC today for a FREE consultation to learn more about how Lean Product Development can reduce your new product development time, cost, and risk, while increasing the value of your innovation pipeline.