Key Considerations for Successful New Product Development | HCL Whitepaper

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Every new product design and development (NPD Process) starts with basic propositions to understand the purpose of the product, which will lead to the creation of competitive differences in the market and drives an organization to develop capabilities internally or through partners. Continuous process improvement is also important in the product development workflow to reduce development lead time.  

For the implementation of a closed loop system, all cross-functional teams should communicate with each other exchanging feedbacks and challenges. For this implementation, organizational teams should understand each other’s functional objectives.