What is lean product development?
‘Lean’ refers to any process improvement that substantially and sustainably improves the output of your system. Lean product development involves increasing the focus on using lean to meet the need for innovative solutions in the manufacture of a product. Lean principles are used in lean product development to meet the rising challenges in product development. Some of the key issues that a lean product development process seeks to address include:
- Long development cycle times
- High costs of development
- Need for innovative solutions
- Rising production costs
- Redevelopment cycles
80% of business failures can be attributed to how products are developed. Request a free proposal to learn we can help you strategize for an optimal product development process.
Steps in an effective lean product development process
Lean product development process has been traditionally applied in manufacturing environments. However, lean methods can be applied to any industry, because all businesses benefit from cycle time improvements, increased productivity, and cost savings. Here are the key steps involved in an effective lean product development process:
Specify value for customers
The success and sustainability of a lean product development largely depend on the value that is being created for the customers. Before the actual product development process, manufacturers must look at the existing market and work backward to ensure that the product being produced will attract the target customers and induce them to make a purchase. This step will allow businesses to invest in winning products even before their production begins.
Businesses that place cost reductions ahead of value creation while implementing lean principles often see their lean efforts fall flat.