Stories & Features

Benefits of Supplier Collaboration in New Product Development

Jan 11, 2023 by IDEX Health & Science

new product development- benefits of supplier collaboration

The participation of a supplier that utilizes their own PDP internally can improve both the effectiveness of the product development outcome as well as the efficiency of the product development process. The effectiveness of a supplier is related directly to how well they perform compared against the desired product outcome, while efficiency is related to development costs and the required time for the supplier to complete development.

What are the short-term benefits of supplier collaboration that help achieve strategic effectiveness with innovation and technology?

  • Greater collaboration relationships
  • Increased efficiency and effectiveness of innovation
  • Access to technologies, knowledge, and resources
  • Access to expertise for development complexity
  • Long-term involvement for technological strategies
  • Leads to better future innovation

What are the long-term benefits of supplier collaboration that help achieve operational effectiveness?

Time to Market

  • Reduces lead-time
  • Faster completion times

Product Costs

  • Lower costs due to alternate approaches to materials that increase quality or functionality

Product Quality

  • Increased product quality
  • Higher performance
  • Improved designs
  • Reduced problems

Given that using a solid NPD method can transform the way companies develop products, collaborating with a vendor that also utilizes a PDP will provide the best support for companies to carry out successful product development, from conceptualization on through launch. Bring in suppliers early for them to closely monitor the technical aspects of the product and point out any development risks.

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