Product Development Success = Tools, Talent and Eliminating Waste
In order to succeed in an increasingly competitive and demanding market, Best-in-Class companies focus on three key areas : identifying and addressing inefficiencies in the process, utilizing technology tools, and focusing on engineering talent. The feedback gathered from 148 respondents illustrates how prioritizing these areas consistently puts the Best-in-Class ahead of their competitors.
Key findings include:
Best-in-Class companies put out low-cost, high quality products, in the timeframe intended, and as a result deliver on 87% of revenue targets and see a 15% increase in profit margins.
Twice as many Best-in-Class companies credit efficiency improvements to the process as having the most profound impact on margins/revenue.
The Best-in-Class realize the impact of talent has on the business and as a result, are over 3 times more likely to call out engineering talent as critical to their success.
Technology tools are the final enabler the Best-in-Class rely on for impacting margins/revenue.
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