Briefly discuss some of the challenges faced by companies in developing new products.
Challenges faced by companies in developing new products
There is more than one reason why companies should create new products. Developing quality new products consistently and having a stronghold in your niche market is one of the most powerful but difficult activities in business (Clark and Wheelwright 1995). 75 percent of new product developments fail, which shows how challenging it can be for the new engineering product design team to succeed. Challenges faced when working on a new product initiative include: ideation, market viability, product roadmap problems, workflow management, product engineering issues, pricing policy, the pace of innovation, and time-to-market.
Here will come leadership role. Vision and leadership drive successful change. As the change agent first organization must create vision of the future which must be focusing on group energy. The vision should be very clear to employee or team. It should be comprehensive enough to direct attention at how to bridge the gap to the future.
Commitment from senior management at the earliest stages of the change process is required. Managing change effectively requires an understanding of the variables at play and adequate time must be allowed for implementation.
Understanding Organizations, Leadership and Management
To really understand organizational change and begin guiding successful change efforts, the change agent should have at least a broad understanding of the context of the change effort. This includes understanding the basic systems and structures in organizations, Including their typical terms and roles. Change must be realistic, achievable and measurable. For more successful change organization must apply simple principles to achieving goal. These aspects are especially relevant to managing personal change before starting organizational change.
Organizational change is undertaken to improve the performance of the organization or a part of the organization. It refers to any approach to transitioning individuals, teams and organization using this method intended to re direct the use of resources business process budget allocations. Also its operation that significantly reshape a company or organization. Organizational change considers the full organization and what needs to change. It is a tool for change focused solely on the individual. It focuses on how people affected by an organizational transition. It deals with many different disciplines from behavioral and social sciences to information technology and business solutions. Effective managing and leading required to understand the variables which linked to managing organizational change profitability as follows:
1. Motivation