Product category:
Engineering Industry Reports and Surveys
News Release from: Manufacturing Advisory Service - West Midlands
Edited by the Engineeringtalk Editorial
Team on 22 December 2006
New product development is key to
competition
Report urges manufacturing companies to invest in new product development in order to remain competitive globally.
A new report from the DTI Manufacturing Advisory Service (MAS) urges manufacturing companies to invest in new product development in order to remain competitive globally The report, issued in partnership with the Manufacturing Foundation and British Chambers of Commerce, is based on visits to a number of manufacturing businesses throughout the UK and contains four recommendations
This article was originally published on Engineeringtalk on 14 Nov 2006 at 8.00am (UK)
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First, provide structure and discipline - adopt a framework that provides the necessary level of discipline and control amongst staff responsible for designing and developing new products.
Secondly, empower people - foster a culture of creativity and encourage company-wide contributions to the product development process.
Appoint and develop a new product champion and team who are committed to the development process.
Thirdly develop market expertise - adopt market information gathering techniques and involve customers in the product development process.
Explore possible applications of known technologies into new industries.
And fourthly, take advantage of external resources - use the public resources available for product development activity including information, advice and funding.
Expand your efforts for creating and developing capacity for product development into the supply chain.
David Wright of the DTI Manufacturing Advisory Service said: "This report provides advice for manufacturing SMEs and business support agencies on how to achieve new product development, as well as highlighting the need for a more holistic, risk-managed and process-orientated approach".
"While a great deal has been written about the importance of innovation for the UK's manufacturing industry and strides have been made, we must continue to increase the amount of new product development happening within the sector".
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