Stories & Features
Taking into consideration that the failure rate of new product development is somewhere between 25 – 45%  and that only one new product launch succeeds out of seven ideas , it’s obvious that having a standardized innovation process is critical for saving your company time and money. Although it can differ based on the individual needs of a company, there are several approaches that can be used for formalizing a Product Development Process (PDP). These can help companies narrow down best practices, make a system for development activities, and simplify the overall development process.
There are many different PDP models that can be utilized.
IDEO Design Thinking: The IDEO process uses a human-centered creative approach to innovation for problem-solving. It draws upon a designer’s way of thinking to transform the way companies develop products, processes, and strategies. It pairs a human point of view with what is technologically and economically feasible but allows teams who aren’t trained as designers to address a wide range of challenges using creative tools. Design Thinking gives companies techniques to better understand the social, emotional, and physical needs of customers, as well as methods to generate, develop, test, and de-risk ideas to create tangible products and services.
Booz Allen Innovation Blueprint: Also known as Booz Allen Hamilton (BAH), this innovation blueprint is one of the most recognized models for product development. Through a series of eight steps, it generates relevant and original innovations to solve problems. Each step helps develop high-performing skill sets, focused investments, and targeted programs to create a culture of innovation. The blueprint gives companies a way to build an internal ecosystem to source, supply, and mature their own innovation practices. It encourages original thought, sensible risk-taking, and collaborative problem-solving by instilling a culture of innovation and ultimately helps companies to increase the probability of creating a sustainable pipeline of innovation.
Stage-Gate Framework: Sometimes called Phase Gate, this innovation framework is a science-based model that sets out to give companies more visibility, oversight, and best practices to enable success for new products, services, and technology capabilities and development. Stage-Gate framework is designed to make the speed, quality, and execution of new product development much better. It allows teams to prioritize the right activities at the right time – with the right attention to detail – to make it easy for the right decisions to be made. The roadmap empowers teams to make clear decisions, set priorities, meet higher-quality deliverables at each gate, and ultimately enables companies to make better and more timely investment decisions.
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 Manufacturing the Future: The Next Era of Growth and Innovation, McKinsey Global Institute, 2012.
 The Social Economy, McKinsey Global Institute, 2012.