The focus of this paper is to provide a basic understanding of the benefits from accelerating time to market (TTM), as well as to lay emphasis on how to improve time to market through essential managerial methods. It is hard to define precisely TTM as it varies because of its complexity and uncertainty. In this article, TTM is considered as the period from the concept of a certain product is approved, to the availability for sale to customers. A company could enter the competitive market earlier and occupy more share in the market, generating more overall profits, if the company takes steps to shorten TTM. These steps can include, but are not limited to, product and planning, resource management, risk management, shared information management, virtual product development, and reuse existing model.
The Faster Time to Market, the More benefits to Company
As the world is changing constantly, the products are outmoded continually and quickly, especially for fast-moving industries, new products that satisfy the varied demands of the consumers should enter the market. Optimizing TTM allows a company …show more content…
This communication requires highly controlled shared information management, including revision and change control on components and products as well as a collective information sharing platform so that everyone in every department could upload and comprehend the first-hand information towards any change or revision of the techniques, designs as well as timelines, reducing the ability of making mistakes that push out the deadline and lengthen TTM. According to a report from Siemens, “For Duqueine Group…a more than 50 percent reduction in time to market- from 30 months to 14 months- resulted when all technical and design data were relocated to a single repository…ensuring data consistency and integrity.”
The Faster Time to Market, the More benefits to Company
As the world is changing constantly, the products are outmoded continually and quickly, especially for fast-moving industries, new products that satisfy the varied demands of the consumers should enter the market. Optimizing TTM allows a company …show more content…
This communication requires highly controlled shared information management, including revision and change control on components and products as well as a collective information sharing platform so that everyone in every department could upload and comprehend the first-hand information towards any change or revision of the techniques, designs as well as timelines, reducing the ability of making mistakes that push out the deadline and lengthen TTM. According to a report from Siemens, “For Duqueine Group…a more than 50 percent reduction in time to market- from 30 months to 14 months- resulted when all technical and design data were relocated to a single repository…ensuring data consistency and integrity.”