Companies can improve their competitiveness by focusing on quality, reduced time, and low costs in developing new products. By implementing concurrent engineering, companies can streamline project management, leading to faster development and cost savings while meeting customer expectations. A methodology based on project management, teamwork, and concurrent engineering provides a clear guide for companies to introduce this approach. Testing this methodology in 10 Slovenian companies on 20 pilot projects showed that projects managed with concurrent engineering principles resulted in cost reduction, shorter development time, and fewer discrepancies.