The new product development process is a cross-functional, complex effort. A team of people meet as often as weekly to exchange information, and coordinate the development. There are hundreds of decision points in a new product development process, up to 1,200 interactions and decision points.
“What is playing out in the processed goods industry is very similar to other recent trends in product development in other industries. Many key assessments of the product, such as
costing and regulatory compliance are often delayed because of rapid changes. Increasingly, development organizations realize that the importance of these assessments is finding the means to perform them in a way that is associative with formulas as they change. It’s a subtle but absolutely critical ability that affects the top and bottom lines of the business.” n
PLM Solutions for the CPG Industry: The Impact of Formula Management and Specification Management, October 2008, Chad Jackson, Aberdeen Group
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