Innovation is the driving force of modern-day business. Companies have to keep putting out new products or run the risk of falling behind completely. So, in a world where they have to outpace their competition, an organization’s time to market or TTM is of utmost importance.
This is the measurement of how long it takes a company to make their product available to the public, from the conception of the design to the final launch in stores. Businesses with shorter TTMs definitely have an edge over other organizations in their field. One brand may have a good idea, but if someone else can produce it faster than they can, it’ll ultimately reduce their potential sales.
So, you should work on shortening your TTM to maximize your product’s impact on your target consumer group. Read on to learn a few tips for accelerating the development process.
Focus Your Efforts
One factor that really affects time to market is the ability of the company to focus their efforts on developing their idea. You can’t have too many things on your plate if you want to beat your competition to the punch. You should have a significant amount of resources and manpower dedicated to getting your product out there. But, if you have to simultaneously develop a number of items, create a hierarchy to be clear which one takes top priority.
The team behind each product should also set up clear goals and milestones. With concrete guidelines, they can take the whole process one step at a time and give their full attention to the task at hand.
Shorten Your Supply Chain
Shorter supply chains often mean better time to market metrics. Having multiple hand-offs in the development process lengthens the production period. It’s more ideal to reduce the number of steps you have to take before the item arrives at retail stores.
Analyze the whole process of development to see how many stages the product will go through. Cut off any steps that seem unnecessary, or find alternate solutions to combine some of them.
Using computers and machines to do some jobs will help you save time. There are plenty of tools out there that allow you to automate parts of your production process. Here are a few tasks that they can handle:
- Inventory Updates
- Invoicing and Payments
- Order Fulfillment
This will help you take your focus off of mundane tasks and keep your attention on more essential parts of the development.
These are just some ways you can accelerate your company’s speed to market. Keep them in mind so you can streamline your production process.