The power of predictive analytics is multiplied when an organization takes an end-to-end process view of new product development (NPD). Idea generation and business case decision making are important. But an end-to-end view of performance in a business-process context provides additional opportunities to apply predictive analytics to improve performance in other areas, such as product development, testing, and launch.

Improve New Product Development with Predictive Analytics

The new product development process.

 

Analytical methods apply to each of these steps. For example, in the area of product creation, it’s possible to improve performance by classifying key attributes of past success – such as early supplier involvement, broad cross-functional collaboration, use of key metrics to move from one gate to the next, etc. – and then model the relationship between those attributes and the commercial success of the offerings.

 

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