As the name suggests, new product development is nothing but the process of launching a brand-new product – tangible or intangible in the market. With constantly evolving consumer behavior towards different products and services, organizations are driven to make a structured go-to-market strategy that can satisfy customer needs and expand the customer base through increased engagement.
But developing a product from scratch can encounter a lot of unprecedented challenges such as – portfolio visibility, data management, pace of innovation, cost and resource management, report generation, compliance and collaboration issues and here’s why global leaders are proactively adapting to strategic portfolio management platforms which brings clear vision and direction to projects. And Planisware has proven to be the ultimate SPM tool that delivers an integrated roadmap to power product development and process innovation.
New Product Developments have different approaches than simple Product Development which has an existing concept in the market. When an organization plans to launch a new product on the market, they are most likely to consider the 6 basic stages of NPD, which are –
- Idea screening for selecting the most promising ideas.
- Concept testing for evaluating the feasibility of the idea.
- Business Analysis to ensure the idea addresses client requirements.
- Product Development, integrating all the steps together to bring the product to life.
- Prototype testing to identify problems and areas of improvement before launching.
- Product Launch to make it available to the consumers and monitor its market performance.
Planisware Orchestra offers a cloud-based SPM platform that onboards all the project data faster and supports the end-to-end ideas for innovation, R&D and provides a simplified strategy for complex NPD processes for higher revenue and business growth. It powers the entire project life cycle through its suite of integrated solutions that –
- Provides a centralized view of prospective ideas, milestones, financial data, risks, and other key information from real-time data that helps in in-depth analysis for portfolio decisions.
- Builds scenarios with effective planning methods and industry-leading Artificial Intelligence technologies, enabling predictive analytics for informed decisions.
- Brings all the project data together with super interactive dashboards that track progress, resources, cost, pipelines and other necessary information for advance project forecasting.
- Maximizes collaboration with effective communication and allows quicker access to all the data on a single platform through its enhanced data management capabilities.
- Provides detailed analysis of audience, identification of potential customers and their buying patterns along with existing market player’s strategies to gain competitive advantage.
- Automates cost and resource calculations, accelerate deployment ensuring all the factors align with portfolio strategy by eliminating unexpected delays.
- Integrates the knowledge drilled from market research and audience analytics with product features to commercialize it into the market for maximum discoverability.
With Planisware Orchestra, set smart strategies to drive your business forward and beyond, because a well-defined strategy combined with resources, operations and analytics are the key behind successful product innovation and drive value.
Ready to get started with Planisware? Book a demo with our Planisware experts today.
i2e Consulting is a certified Planisware partner that helps organizations integrate Planisware Enterprise with other applications in their organization to improve data integrity and uniformity. Our Planisware consultants are expert technologists who present a thorough understanding of the tool, defining an end-to-end project management solution to your business.