Product Development Institute
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New Product Development: Process Benchmarks and Performance Metrics

Authored by: Scott J. Edgett
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181 Pages
Published by Product Development Institute & APQC, 2011

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  • Overview
  • Details & Key Topics
  • Case Studies
  • Table of Contents
  • Customer Reviews
  • About the Author

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  • What is product innovation success?
  • What is the current state of your new product development process?
  • What best practices can you implement to improve innovation performance?

Product innovation is critical for many companies and new product profitability is imperative. The question remains: "how can my organization improve its product innovation performance and business results?" In this study, world-renowned expert Dr. Scott Edgett collaborates with the American Productivity and Quality Center (APQC) to explore how 200+ companies, including some of the world's top organizations, achieve stellar results. Edgett shares numerous new benchmarks and offers valuable interpretations, insights and ideas through in-depth illustrations of top performing companies.

How to Gain a Competitive Advantage

This groundbreaking study offers your organization the opportunity to benchmark your new product process performance against your peers, including some of the world's top organizations. Discover if you are ahead or behind the game on numerous critical innovation process metrics. Additionally, identify practices you could be improving or implementing today to accelerate better innovation performance.

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A Complete Guide to Today's Best Benchmarks and Practices

Discover the latest indicators companies are using to measure innovation:

  • 60+ indicators that measure new product sales, profitability, time to market, and more
  • Project, business unit, and organizational level measures of performance

Measure your company's innovation performance and compare against your peers:

  • 200+ companies assessed, including some of the world's top performing companies
  • Results broken down as best, average and worst performing companies, for easy comparison
  • Excellent reference material that demonstrates potential performance levels

Implement practices proven to drive new product success:

  • How industry leaders approach innovation
  • Details of successful continuous improvement initiatives and programs
  • Visual illustrations of real companies' processes and innovation management tools


Sample Chart:
Do your new product projects meet profit, sales and market share objectives?

Key Topics:

This study explores the 4 most important topics that drive product innovation success:

  1. Metrics:
    • Performance in terms of their new product development efforts
    • Key indicators of innovation success
    • Project team evaluation of performance against budget and timelines
  1. New product development process:
    • How companies fare on practices identified as positive drivers of performance
    • The impact of having a systematic process in place
    • Performance on critical pre-development activities
  1. Gatekeeping and governance:
    • What makes for effective gatekeeping
    • Importance of quality gate deliverables that yield Go/Kill decisions
    • Impact of leadership roles on innovation success
  1. Practices at top performing organizations:
    • Differences between the best and rest
    • Details and examples of best practices
    • Leveraging the 'people' side of innovation

A 'Must Read' for people in these roles:

  • C-level Executives
  • R&D and Product Development Executives
  • Product Innovation Program Directors
  • Product Innovation Process Managers

About the Research:

The research contained in this study was undertaken jointly by subject matter expert, Dr. Edgett, and leaders in benchmarking, American Productivity and Quality Center (APQC). The study focused on:

  • Qualitative Research conducted via on-site visits, detailed interviews, and meetings with 5 best practice companies and,
  • Quantitative Research conducted via a detailed questionnaire measuring 68 key performance indicators related to product innovation performance on 211 business units.

The quantitative sample of 211 business units spanned a variety of industries including: Industrial Products, Consumer Goods, Health Care, Telecommunication, Services, Non-Profit and more.

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In-Depth Case Studies:

Read in-depth case studies based on the findings from site visits and interviews conducted at five best practice companies:

  1. Air Products and Chemicals Inc., a global atmospheric, process and specialty gases, performance materials, equipment, and services provider, strives to balance innovativeness, operational excellence, and corporate responsibility. Learn about Air Product's approaches to project selection and portfolio management that balance risk and reward across three classes of new product projects.
  1. Ashland, Inc., a global specialty chemicals organization, blends new product development with Design for Six Sigma. Learn how Ashland implemented a solution development council to maintain the health and stability of its innovation processes and drive organic growth.
  1. Becton, Dickinson and Company (BD), a global medical technology company has a renewed focus on global product development systems that balances operational excellence with successful innovation. Learn how this initiative consistently fills BD's innovation funnel with significant new products ideas and delivers winning new products to market on time.
  1. Electro Scientific Industries, Inc. (ESI), a leading supplier of innovative, laser-based manufacturing solutions for the micro technology industry successfully re-introduced its New Product Introduction Program. Learn how this tighter, formalized program has helped ESI create effective global cross-functional teams and successfully move towards offshore manufacturing.
  1. EXFO provides optical testing solutions, wireless protocol analyzers, network simulators and portable test sets to the telecommunications industry. 44% of its workforce across 25 countries is involved in R&D. Learn how EXFO's organizational commitment to bridge the cultural and time barriers associated with global product development helps it develop cohesive teams.

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Table of Contents:

  1. Introduction
  • The Quest for Best Practices in Product Innovation
  • The Key Research Questions
  • Top Areas Studied
  • How the Benchmarking Research Was Undertaken
  • Organization of the Results
  1. New Product Performance Metrics
  • Percentage of Revenues and Profits from New Products
  • Success, Fail and Kill Rates
  • Time to Market
  • On Time and OnBudget
  • New Product Development (NPD) Projects Meeting Objectives
  • Business Entity Performance
  • Performance Metrics Used to Measure Project and NPD Program
  • Defining and Identifying the Top Performers
  • How the Best Versus Worst Businesses Fare in Terms of Performance Metrics
  • Types of New Products Developed
  1. The Idea-to-Launch New Product Process and Practices
  • A Systematic New Product Process
  • Key Upfront Activities that are Built into the NPD Process
  • Gatekeeper Governance Practices
  • Quality of Your Gate Deliverables
  • Improving Your Gate Practices
  1. The Impact of People
  • The Way NPD Project Teams are Organized and Lead
  • How to Handle Project Team Management
  • Senior Leadership Support
  • The Role of the Process Manager
  1. Portfolio Management - A Special Insert
  • Portfolio Management
  1. Conclusion and Recommendations

Appendix

  1. In-Depth Case Studies
    • Air Products and Chemicals, Inc.
    • Ashland, Inc.
    • Becton, Dickinson and Company (BD)
    • Electro Scientific Industries, Inc. (ESI)
    • EXFO
  2. Selected Data Charts
    • Section 1: Organizational Characteristics
    • Section 2: Governance
    • Section 3: Culture and People
    • Section 4: The NPD Process
    • Section 5: New Product Performance
    • Section 6: Tools and Systems to Support NPD

Key Benchmarking Figures:

  • The Sample - Industry Breakdown
  • Selected Characteristics of Businesses in the Sample
  • Percentage of Revenues & Profits from New Products
  • Success, Fail and Kill Rates - The Average Business
  • Success, Fail and Kill Rates - Top 25% vs. Bottom 25%
  • Time to Market (Idea to Launch Months)
  • Percent of Projects on Time, On Budget - The Average Business
  • Percent of Projects on Time, On Budget - Top 25% vs. Bottom 25%
  • Percent of Projects Meeting Objectives
  • Additional Performance Metrics - The Average Business
  • How Businesses Fare in Terms of Performance Metrics
  • Key Measures Used to Define New Product Success or Failure
  • Key Indicators Used to Measure the Total New Product Program
  • Performance Metrics Results - The Best vs. Worst Performers
  • Performance Metrics - The Best vs. Worst Performers
  • Breakdown of Projects by Project Type for the Average Business
  • Breakdown of Projects by Project Type: Best 25% vs. Worst 25% of Performers
  • Whether Businesses Have a Systematic NPD Process in Place
  • Impact of Having a Systematic New Product Process in Place
  • How Business Performs on Critical Pre-Development Activities
  • Gatekeeping/Governance Approaches
  • How Effective are the Gates
  • Deliverables
  • Primary Approach to Establishing Project Teams
  • NPD Project Team support - Best vs. Worst
  • Who Leads the New Product Development Teams
  • Senior Leadership Support - Best vs. Worst
  • Types of NPD Training Offered
  • How Businesses Fare on Portfolio Management
  • Impact of Portfolio Management - Best vs. Worst

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Dr. Scott Edgett

Dr. Scott J. Edgett is internationally recognized as one of the world's top experts in product innovation and is the pioneer of portfolio management for product innovation. He is a high profile speaker and sought-after executive advisor on product innovation. Dr. Edgett has extensive experience advising large multinational clients in a variety of industries, principally focusing on issues affecting innovation leadership and capability. He is credited with helping business executives and innovation professionals successfully implement world-class innovation processes that have generated outstanding results. His speaking engagements and professional work have taken him around the globe to work with some of the world's best innovators and companies among the Fortune 1000.

Dr. Edgett is Chief Executive Officer and co-founder, with Dr. Robert G. Cooper, of both Product Development Institute and Stage-Gate International. He has spent more than 20 years researching and developing innovation best practices and working with organizations in product innovation. He is a prolific author having coauthored six books including the popular 'Portfolio Management for New Products, 2nd Edition' and has published more than 60 academic articles. Dr. Edgett is a former Professor of the Michael G. DeGroote School of Business, McMaster University in Ontario and is a Faculty Scholar at the Institute for the Study of Business Markets (ISBM) at Penn State University in Pennsylvania, USA.


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