Understanding, experience and technology for success
In several industries, the total time taken to introduce a new product into the market can be the key difference between a blockbuster and a mediocre performing new product. New Product Introduction involves several collaborative processes including product design, product quality planning, identifying and qualifying vendors and plants for sourcing components, conducting first article inspection and taking corrective actions to fix issues and finally, transitioning the product into high-volume production.
Supply Chain and PLM vendors have attempted to solve this problem using a very narrow approach. However, in order to successfully reduce the NPI cycle time, companies need a software solution that supports end-to-end NPI process.
Packaged Solution for managing the NPI process
A best-of-breed solution for managing the New Product Introduction process must include the following key capabilities:
The following diagram illustrates the integrated Process Flows in the NPI process.
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Using the MetricStream Platform and Applications for NPI cycle time reduction
MetricStream, a market leader in compliance and quality software, provides key capabilities to manage a New Product Introduction process. These capabilities include:
In addition, its platform for Compliance and Quality Management includes capabilities such as Event Management, Notification and Escalation Management and Workflow Management, which can be used to customize existing applications or rapidly develop specific capabilities that integrate with existing modules listed above.
Reduction in NPI cycle times has become an important focus area for most companies. They are increasingly implementing packaged NPI solutions. Such solutions include Bid Package Management, Vendor Qualification and Audit, First Article Inspection (FAI), Non-Conformance tracking, Corrective Action Request Management, Ongoing inspections, Cost Recovery and Process Performance Dashboards.