{"id":7007,"date":"2023-07-05T18:37:45","date_gmt":"2023-07-05T18:37:45","guid":{"rendered":"https:\/\/durolabs.co\/?p=7007"},"modified":"2024-07-03T20:34:17","modified_gmt":"2024-07-03T20:34:17","slug":"time-to-market","status":"publish","type":"post","link":"https:\/\/durolabs.co\/blog\/time-to-market\/","title":{"rendered":"Time to Market: How to Accelerate Product Development with PLM"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7007\" class=\"elementor elementor-7007\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-66b15691 posts-inner-container e-flex e-con-boxed e-con e-child\" data-id=\"66b15691\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-57c652fc post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"57c652fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Bringing your hardware product to market before your competitors can positively affect your\u00a0market share. Having a\u00a0first-mover advantage\u00a0is particularly beneficial for those in the hardware\u00a0product development\u00a0space.\u00a0\u00a0<\/p><p>But how can you move faster when there are multiple moving parts to handle \u2014 from supply chain fluctuations to quality evaluation processes and managing external suppliers and manufacturers?<\/p><p>Adhering to the\u00a0product lifecycle\u00a0is critical for your product to be competitive and to ensure quality throughout the\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/product-development-lifecycle\/\" target=\"_blank\" rel=\"noopener\">product development process<\/a>. While the process is important, there also needs to be enough of a\u00a0differentiator\u00a0between your product and other solutions to make it valuable in the marketplace.<\/p><p>This article will explore how to maximize efficiency by using streamlined\u00a0workflows. Additionally, it\u2019ll\u00a0give you some tips on how to accelerate your time to market while still remaining innovative.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-daf5c26 post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"daf5c26\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is time to market?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af6ace4 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"af6ace4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u201cTime to market\u201d (TTM) is simply the time it takes from the initial concept to your first sale of the\u00a0new product\u00a0after the\u00a0product launch. It factors in the\u00a0entire hardware product development process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3a340f post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"c3a340f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why time to market is vital in today\u2019s business landscape\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e89f530 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"e89f530\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In today\u2019s business landscape, all\u00a0team members<a href=\"https:\/\/www.durolabs.co\/blog\/design-manufacturing-collaboration\/\">\u00a0must collaborate<\/a>\u00a0in\u00a0real time\u00a0to satisfy\u00a0product quality\u00a0and optimize\u00a0TTM. Here\u2019s why:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-534f4f12 elementor-widget elementor-widget-heading\" data-id=\"534f4f12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Gain a competitive advantage &amp; improve brand reputation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d0fcc54 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"6d0fcc54\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A faster time to market gives you an advantage over competitors.\u00a0<\/p><p>For example, you would be the first to set prices for this product. You could incorporate any early-stage\u00a0customer feedback\u00a0to move ahead of the competition before they can develop a viable\u00a0MVP. It gives you the opportunity to grow\u00a0<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0377221719301407\" target=\"_blank\" rel=\"noopener\">market share<\/a>\u00a0and build a loyal customer base.<\/p><p>Brands that consistently deliver excellent hardware products before their competitors will always be seen as industry leaders. They\u2019re often perceived as efficient and reliable.\u00a0A potent reputation for efficiency and professionalism drives business growth. It helps attract more customers, and improve word-of-mouth marketing through referrals.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fee7d44 elementor-widget elementor-widget-heading\" data-id=\"fee7d44\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Lower production costs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57b7ef00 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"57b7ef00\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Quicker\u00a0time to market\u00a0allows for early identification of potential issues, avoiding costly rework or product recalls. The shorter timeframes also encourage more efficient resource utilization and optimized production schedules, lowering inventory holding costs and reducing wastage as a result.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18e3bdb5 elementor-widget elementor-widget-heading\" data-id=\"18e3bdb5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Obtain faster revenue generation <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f4dc4cb post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"4f4dc4cb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A quality\u00a0new product\u00a0that is introduced promptly can speed up the time it takes for your company to generate revenue. It allows your\u00a0team members\u00a0to make changes as needed to develop new versions of the hardware.<\/p><p>Faster revenue generation also improves the time it takes to see a\u00a0return on investment. A healthy cash flow can lead to better decisions and a more precise\u00a0approval process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d2780d elementor-widget elementor-widget-heading\" data-id=\"0d2780d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Maximize ROI<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64276393 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"64276393\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Optimizing your return on investment is attributed to the speed of your (successful) product launch. Getting your hardware product in the right hands before anyone else can increase price points and encourage feedback on improvements, leading to quicker resource recouping.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39f551d7 elementor-widget elementor-widget-heading\" data-id=\"39f551d7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Align with consumer expectations and market trends<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18268b6e post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"18268b6e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>With dynamic expectations,\u00a0customer feedback\u00a0and buy-in from\u00a0stakeholders\u00a0will help to build a group of users to champion your product and its capabilities. For example, the quicker you develop an\u00a0MVP, the faster you can eliminate\u00a0bottlenecks\u00a0and deliver the full solution your customer asked for.<\/p><p>However, it\u2019s important to recognize that speed should never come at the expense of quality. Launching quickly also allows your business to gather\u00a0customer feedback\u00a0earlier, which helps you identify areas for improvement and incorporate customer suggestions for future iterations. This can help foster customer loyalty and trust, demonstrating that your company values their feedback.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e121c03 elementor-widget elementor-widget-image\" data-id=\"e121c03\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.durolabs.co\/request-demo\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"124\" src=\"https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Agility.png\" class=\"attachment-full size-full wp-image-7053\" alt=\"\" srcset=\"https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Agility.png 1000w, https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Agility-300x37.png 300w, https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Agility-768x95.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ace11c post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"1ace11c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Challenges that can impede time to market<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54e513fd post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"54e513fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A faster\u00a0TTM\u00a0<i>does<\/i>\u00a0offer many advantages in the\u00a0product development\u00a0lifecycle, but that doesn\u2019t mean it isn\u2019t without obstacles. Here are the most common challenges that can delay your progress:<\/p><ul><li aria-level=\"1\"><b>Supply chain issues:\u00a0<\/b>Internal and external supply chain issues heavily impact\u00a0product development\u00a0timelines, as out of stock components need to be replaced.<\/li><li aria-level=\"1\"><b>Unforeseen economic circumstances:<\/b>\u00a0The eventual\u00a0product launch\u00a0can be hindered by unexpected events. Global pandemics, macroeconomic changes, and logistics can all impact operations and resources.<\/li><li aria-level=\"1\"><b>Changing customer demand:\u00a0<\/b>New research, rapid developments, and a changing sentiment can significantly impact a customer\u2019s demand for your product in an\u00a0<a href=\"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/0008125620951969\" target=\"_blank\" rel=\"noopener\">omnichannel environment<\/a>.<\/li><li aria-level=\"1\"><b>Competitive developments:\u00a0<\/b>Competitors may launch a competing hardware product or use innovative marketing tactics to influence customer perception. Your brand must stay vigilant, agile, and flexible to remain relevant.<\/li><li aria-level=\"1\"><b>Issues in manufacturing network:<\/b>\u00a0Problems with\u00a0staffing,\u00a0approval processes, and quality control can lead to mistakes or slow down manufacturing.<\/li><li aria-level=\"1\"><b>Rework following errors in design:<\/b>\u00a0Design flaws hamper your ability to get to market quickly. The rework required to fix and approve the design can significantly endanger your optimal\u00a0TTM.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba1d64d post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"ba1d64d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How PLM helps accelerate time to market for your hardware product<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58cd2e47 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"58cd2e47\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Identifying your company\u2019s challenges is the first step to improving your\u00a0TTM\u00a0while still adhering closely to an excellent\u00a0product development\u00a0lifecycle.<\/p><p>To overcome these hurdles, you can adopt the following solutions to accelerate your\u00a0TTM:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-628a55d elementor-widget elementor-widget-heading\" data-id=\"628a55d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Centralize your product data with product lifecycle management software<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16eeeef5 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"16eeeef5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.durolabs.co\/blog\/plm-process\/\" target=\"_blank\" rel=\"noopener\">Product lifecycle\u00a0management<\/a>\u00a0(PLM) software centralizes your bill of materials (BOM), design revisions and other essential product data. It makes change order processes faster and ensures your engineering, manufacturing, and\u00a0development teams\u00a0remain on the same page.\u00a0<\/p><p>PLM systems also enable businesses to be agile, for example by streamlining the process of selecting alternative suppliers if something is out of stock. Rather than relying on\u00a0team members\u00a0to manually flag an out-of-stock part and find a new supplier, PLM software like Duro indicates pricing availability for every component. You can quickly find replacement components when needed.<\/p><p>PLM is more than just software; it\u2019s a\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/plm-paralyzes-innovation\/\" target=\"_blank\" rel=\"noopener\">business strategy<\/a>. This is why choosing a reliable PLM system is critical. Duro\u2019s PLM software can help reduce errors, facilitate collaboration, and ensure data accuracy, providing a centralized platform to manage all aspects of\u00a0product development\u00a0and launch.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a0917e elementor-widget elementor-widget-heading\" data-id=\"8a0917e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Promote cross-functional collaboration<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c5df431 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"4c5df431\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Your\u00a0optimal time to market\u00a0positively correlates with the level of collaboration between your teams. Manufacturing and engineering\u00a0stakeholders\u00a0can use cloud-native PLM solutions like Duro to enable timely and accurate information sharing.\u00a0<\/p><p>This software also gives departments more control over which elements of their designs to release, when to share information, and who can review and approve changes. Thereby all teams gain access to exactly the information they need, when they need it.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60b9ec8 elementor-widget elementor-widget-heading\" data-id=\"60b9ec8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Create repeatable processes that are easy to follow\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-512659a7 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"512659a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Standardizing your\u00a0workflows\u00a0and processes is crucial for your company. A standardized process limits errors by creating bite-sized and manageable steps. This significantly reduce the likelihood of guesswork and rework.<\/p><p>The process for submitting\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/engineering-change-order\/\">engineering change orders (ECO)<\/a>\u00a0can be improved by streamlining\u00a0workflows\u00a0in a PLM platform. By ensuring it\u2019s easy to submit a change and alert colleagues for feedback helps speed up\u00a0product development.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e10808 elementor-widget elementor-widget-image\" data-id=\"1e10808\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.durolabs.co\/case-studies\/gilmour-space-established-repeatable-processes-and-enhanced-collaboration-with-duro\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"124\" src=\"https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Untitled-1000-\u00d7-124-px-2.webp\" class=\"attachment-full size-full wp-image-7087\" alt=\"\" srcset=\"https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Untitled-1000-\u00d7-124-px-2.webp 1000w, https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Untitled-1000-\u00d7-124-px-2-300x37.webp 300w, https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Untitled-1000-\u00d7-124-px-2-768x95.webp 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0da3add elementor-widget elementor-widget-heading\" data-id=\"0da3add\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4. Leverage automation where possible<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73bd4634 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"73bd4634\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Manual and repetitive tasks risk errors and hamper your team\u2019s attentiveness and focus on important engineering work.\u00a0<\/p><p>Leveraging\u00a0automation\u00a0within tools with the\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/bom-management-software\/\" target=\"_blank\" rel=\"noopener\">right PLM system<\/a>\u00a0can help\u00a0reduce\u00a0errors with data entry, component sourcing, and BOM version management.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38241e71 elementor-widget elementor-widget-heading\" data-id=\"38241e71\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">5. Reuse core configurations and designs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-209bef30 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"209bef30\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Using existing company knowledge and building upon previously successful designs can expedite your\u00a0product launch. Engineers should maintain core configuration designs to use as effective templates for developing new hardware products.<\/p><p>SpaceX\u2019s engineering team took a\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/former-spacex-engineer-breaks-down-the-code-to-successful-hardware-engineering\/\">similar approach<\/a>; studying previous rocket design methods helped ensure success in the Apollo program.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c5a6b22 elementor-widget elementor-widget-heading\" data-id=\"c5a6b22\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">6. Build and sustain strong supplier relationships<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04f71df post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"04f71df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In comparing centralized and distributed supply chain models, the centralized model offers lower risk, complexity, and BOM costs for producing and shipping products from one location. Rather than operating from one location, distributed models operate out of several nodes strategically located across different regions.<\/p><p>Despite being perceived as having higher costs, the distributed model allows\u00a0faster time to market\u00a0and scalability. Engineers can adapt suppliers based on availability and pricing. The true cost \u2014 including factors like freight, duty, and shipping time \u2014 is often overlooked in the BOM cost.<\/p><p>Incorporating supply chain expertise into the\u00a0new product\u00a0introduction (NPI) process can help you prevent issues that may occur during volume production. This includes identifying parts with long lead times, selecting suppliers closer to the factory location, and implementing a demand-driven supply chain approach that responds directly to the demands of your consumers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14ff9c5 elementor-widget elementor-widget-heading\" data-id=\"14ff9c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">7. Establish measures to track and evaluate results<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77882ec post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"77882ec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>KPIs\u00a0should be meaningful and address\u00a0bottlenecks\u00a0in the development process.\u00a0Product quality, development cycle time, productivity, and market adoption are great\u00a0metrics\u00a0to observe to help you implement data-driven strategies that improve\u00a0TTM.<\/p><p>You\u2019ll need to monitor these\u00a0metrics\u00a0and strategies on an ongoing basis to assess their effectiveness and make adjustments based on the insights gained, ensuring continuous alignment with\u00a0TTM\u00a0goals.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-90d8320 elementor-widget elementor-widget-heading\" data-id=\"90d8320\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">8. Continuously iterate and improve<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f65fae4 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"f65fae4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Your business is a lot like a shark: if it stops moving, it stops functioning. Incorporate\u00a0customer feedback, champion\u00a0stakeholder\u00a0buy-in, align your teams, encourage innovation, and encourage everyone to speak up if they find any inefficiencies.<\/p><p>Make it part of your review and\u00a0project management\u00a0methodology\u00a0to ask for feedback and continuously embrace a culture of creativity.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e61431 post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"7e61431\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Expedite your time to market<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-632f6365 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"632f6365\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A fast\u00a0TTM\u00a0has become more than just a luxury. To stay relevant and competitive, your brand must adopt a dynamic approach to your\u00a0product development\u00a0lifecycle.<\/p><p>You can accelerate your\u00a0TTM\u00a0\u2014 while still adhering to regulations and quality control \u2014 by centralizing product data, promoting cross-functional collaboration, leveraging\u00a0automation, and reusing core designs.<\/p><p>Duro\u2019s PLM solution enables you to streamline hardware development processes, getting all\u00a0team members\u00a0on the same page and giving you a\u00a0competitive advantage.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44384f25 elementor-widget elementor-widget-image\" data-id=\"44384f25\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.durolabs.co\/request-demo\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1000\" height=\"124\" src=\"https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Product-Innovation.png\" class=\"attachment-full size-full wp-image-7127\" alt=\"\" srcset=\"https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Product-Innovation.png 1000w, https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Product-Innovation-300x37.png 300w, https:\/\/durolabs.co\/wp-content\/uploads\/2023\/07\/Banner-Product-Innovation-768x95.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Bringing your hardware product to market before your competitors can positively affect your\u00a0market share. Having a\u00a0first-mover advantage\u00a0is particularly beneficial for those in the hardware\u00a0product development\u00a0space.\u00a0\u00a0 But how can you move faster when there are multiple moving parts to handle \u2014 from supply chain fluctuations to quality evaluation processes and managing external suppliers and manufacturers? Adhering [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"Learn how to reduce time to market and launch faster with PLM. With efficient product development, you can gain a competitive edge.","_seopress_robots_index":"","footnotes":""},"categories":[93],"tags":[],"resource-tag":[80],"class_list":["post-7007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","resource-tag-industry-insights"],"acf":[],"_links":{"self":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts\/7007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/comments?post=7007"}],"version-history":[{"count":120,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts\/7007\/revisions"}],"predecessor-version":[{"id":13753,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts\/7007\/revisions\/13753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/media\/7008"}],"wp:attachment":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/media?parent=7007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/categories?post=7007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/tags?post=7007"},{"taxonomy":"resource-tag","embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/resource-tag?post=7007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}