In recent years, faster product development has emerged. Thus, today’s post explores some of the tools to accelerate product development.
First, take a look a look at our past posts related to this topic.
- Product Launch Timeline: Tips and an Infographic
- Fast Fashion Getting Faster
- What Is Next for Smartphones
- Levi Strauss Adopts New FLX Operating Model
- Artificial Intelligence Insights from Intel
- Behind the Scenes Nike Just Does It
McKinsey Tips: Tools to Accelerate Product Development
McKinsey’s Mickael Brossard, Hannes Erntell, and Dominik Hepp describe tools to accelerate product develop. In the charts below, we feature three McKinsey exhibits.
“Companies issue many different versions of their products. For example, models tailored to requirements that vary across geographies. The challenge? To keep track of all these versions. Thus, some incumbents address these limitations with “digital twins,” virtual counterparts of physical products. By closely syncing existing information with real-world data on the usage and performance of an actual product throughout its life cycle, firms precisely monitor problems and discover unmet needs.”
“Now, visualization technologies like VR, augmented reality (AR), and 3-D printing bring improvements in the rate and flexibility of R&D efforts. Whereas designers might spend five or six weeks assembling a physical prototype, they may build a VR prototype in days.
“To break down the silos that stymie rapid innovation, we see firms use cross-functional R&D teams. In fact, one such team is the ‘innovation garage.’ And it is a self-contained group that quickly generates new ideas with low overhead. To succeed, executives must make clear that the garage isn’t a showroom. But a space for meaningful work, performed according to the new rules of digital competition.”