DETERMINANTS OF TIMELINESS IN PRODUCT DEVELOPMENT

Speed to market is a compelling objective in new product development. Robert Cooper and Elko Kleinschmidt report the results of an extensive study of 103 new product projects in the chemical industry, with a pa rticular emphasis on project timeliness. The key questions addressed i n the study are: what are the drivers of an on-time, fast-paced projec t; and to what extent are timeliness and profitability connected? The strongest driver of project timeliness was the use of a cross-function al, dedicated, accountable team, with a strong leader and top manageme nt support. Number two was solid up-front or predevelopment homework, whereas building in the voice of the customer-a customer-focused, mark et-oriented new product effort-was the third key to on-time, fast-pace d product development projects. In total, six drivers of project timel iness were uncovered. The authors expand on each timeliness driver, gi ving details of best practices in the projects and firms studied, as w ell as their recommendations to managers for driving products to marke t more quickly. There are some words of caution as well: the link betw een timeliness and profitability was also investigated, with some sobe ring and provocative results.