New product development is one of the trickiest things to manage in the entire gamut of business research and development. Besides research skills, the developers need to have an inkling of customer needs and requirements. There are several metrics available to judge them, but few are reliable. They involve potential trade offs between company stability and future growth. The metrics to be chosen need to make sure that while the focus is on the present, an eye must be kept open for the future. Customer- related metrics too need be developed. Here value to the final consumer matters a lot. The best ideas could also be generated by the suppliers, as they are often a bridge between the customer and the company itself. So, these need to be tapped in to as well. For long- term gain, some short- term pain needs to be tolerated. This is the mantra that all team members need to keep in mind while undergoing product development. Any strict adherence to budgets will rarely stick.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/taking-the-measure-of-product-development?cid=other-eml-alt-mip-mck-oth-1811&hlkid=e8c829a352244bacbb261a40500b07bd&hctky=9953462&hdpid=b6a77b0c-2734-4b11-b5c5-19d996d9411b

Uploaded Date:20 May 2019