Hummingbird New Product Introduction (NPI) is the end to end process of bringing a new product from concept to market. New product Introduction is the transformation of a market opportunity into a product available for sale and it can be tangible (physical that can be touched) or intangible (like a service or experience).
Best Practices for New Product Introduction
- Process Development & Excellence – Developing and implementing an engineering change process that improves communication, collaboration and promotion among various business stakeholders. It also helps companies to address some of the key product development and change implementation process.
- Knowledge Sharing – Information related to the engineering change are easily accessible that includes product data, supplier data, manufacturer data, specifications are shared by all the teams across the organization and outside the organization. This improves the collaborations and communications across all impacted stakeholder.
- Organization Change and Support – Change process helps to put together a stringent change review process by assigning a Change review board that helps assigning ownership and accountability to the change process. Any change related to system, product or process should go through the organization change management team for a wider communication across the organization so that teams are aware of the change that is about to take effect.
- Continuous Improvement & Analytics – Continuous monitoring and auditing the change process to make sure it is working as per the rules, providing feedback identifying gaps and bottlenecks and continuously improving the process. Also collecting the metrics related to various change processes on a continuous & regular basis to improve process effectiveness.
- Enabling Best-in-class Technology – Companies will use Product Lifecycle Management solution to manage their engineering change, which provides a centralized repository of design, product, supplier and other relevant information with traceability across various deliverables and overall management of the change process. Traceability helps identify dependencies between various aspects of the process and automatically notifies the affected members about the impact to their work.