Product Development is a series of development steps undertaken by an organization in order to launch a product in the market that was initially designed using procedures of industrial design, catering to the boundaries of schedule and time. The product development is not merely a single phase but a sequel of planned steps in which an organized team is involved in hierarchical fashion for the development and the deployment of the product. There is a clear distinction between manufacturing and development but intermixing of different industrial processes often lead to myths regarding the same. There are several illusions in the market about the product development, which needs to be cleared out.
We have come out with a list of myths of product development if understood can help you excel in the domain:
- Realize that product development and manufacturing are two different aspects
Product manufacturing is a predictable process that is to be repeated multiple times during the process whereas product development is a unique and innovative process where the requirements constantly change and is more of an unpredictable process. Manufacturing can be a part of product development but product development, on the other hand, has a wide horizon and caters to totally different concerns.
- High Utilization of resources is mandatory for better performance
All the small and large scale product development firm believe in utilizing their resources above 98% in order to enhance their performance but the same has turned out to be a myth. In past scenarios, high utilization of resources has often let to delay in the deliverable schedule of the product. High raked professionals often underestimate this point and the scenario affects the economic performance and other factors like inventory consumption. The development work is a variable process and managers must cater to the same.
- Sticking to development plan
You might have formulated a great development plan with the help of experts and might have an everlasting vision but the same might not always work in the case of product development as the requirements for the same constantly change. Sticking to your development plan is not a matter of pride but can be an outcome of poor management and execution. The final outcome of the same can turn out your idea of innovation.
- Early you start, early your product development will finish
You might have a well-formulated schedule for your product development but abiding by the same is not always easy as there are numerous unseen problems that can come your way, during the development process. The assumptions you have made about technology and market have no certainty will prevail for the longer run. Walking ahead of time is a smart decision but monitoring your process wisely at every step is a wise decision.
- Including more product features
The features you are including your product, should not be diverse. No customer seeks everything in one product rather choose to introduce unique and innovative features that make your product useful amongst the public.