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Speed to market is a compelling objective in new product development. Robert Cooper and Elko Kleinschmidt report the results of an extensive study of 103 new product projects in the chemical industry, with a particular emphasis on project timeliness. The key questions addressed in the study are: what are the drivers of an on‐time, fast‐paced project; and to what extent are timeliness and profitability connected? The strongest driver of project timeliness was the use of a cross‐functional, dedicated, accountable team, with a strong leader and top management support. Number two was solid up‐front or predevelopment homework, whereas building in the voice of the customer–a customer‐focused, market‐oriented new product effort–was the third key to on‐time, fast‐paced product development projects. In total, six drivers of project timeliness were uncovered. The authors expand on each timeliness driver, giving details of best practices in the projects and firms studied, as well as their recommendations to managers for driving products to market more quickly. There are some words of caution as well: the link between timeliness and profitability was also investigated, with some sobering and provocative results.
Cooper et al. (Tue,) studied this question.