Unlocking Success: Key Factors for New Product Development Revealed
Developing new products is crucial for companies to succeed. A study looked at what makes new product development successful. They found that having cross-functional teams, upper-management support, and a supportive organizational structure are all important factors. These factors help improve product performance, speed up development, and reduce costs. It's not enough to just pick and choose which factors to use - all three are needed for success. Sponsors of project development teams should prioritize these factors to increase the chances of a successful product development process.