What are the Top 5 Hidden Risks in New Product Development?
Many risks in NPD & NPI are visible. New process steps that must be implemented with caution and back-up plans. Unique product features that are challenging to accomplish. But there are other risks lurking. Things that can derail your project before you even realize.
5. Scope creep: You don't see it coming, but, little by little, each extra customer request adds up. Pretty soon you don't have enough resources and your launch schedule is in jeopardy.
4. Innovation: The further you stray from what's been done before, the higher the chance of failure. It might still be worth doing, but you've got to take precautions to avoid disaster.
3. Supply chain: Can the vendors of your key components really do what they promised when they promised? How do you really know?
2. Overoptimism: Developing and launching something new requires a certain amount of optimism - you've got to believe in what you're doing. However, too many teams put on rose-tinted glasses and ignore red flags during the development process. Consequences of this behavior can be catastrophic.
1. Cognitive Biases and Logical Fallacies: Clear headedness is your greatest ally in product development. However, even the smartest people are susceptible to flawed thinking that can derail a project. Here are some resources to help you recognize when faulty thinking is happening (in yourself and others):
https://yourlogicalfallacyis.com/
https://yourbias.is/
A bit nervous now? You should be! But, don't worry. Let CAEDENCE introduce you to a systematic approach and toolkit for managing and reducing risk in new product development and introduction.
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