The odds against successful product innovation are long. New products need to win over consumers and convince retailers—a challenging task for many reasons, including saturated markets, a growing variety of products and brands, and shorter product life cycles. To shorten time to market, companies need to integrate all development-related areas, within a single sphere of visibility and influence.
27.5 months. And when McKinsey consultants looked into the effects of delays, they concluded that a six-month delay can reduce total profit by 33%. To shorten time to market, companies need to closely integrate all development-related areas - research and development, marketing, production, logistics, quality management, sales and distribution, purchasing, and controlling and finance. And integrating interdepartmental processes and information flows is just as essential as integrating external service pro