Introducing new products is a growth strategy for many organizations, but it takes a well-orchestrated supply chain to have a successful launch. In fact, new products are only as successful as the supply chains that create, transport and deliver them. New product introduction is facilitated with the collaboration of logistics partners, customers and suppliers using a Digital Supply Network (DSN).
One of the big issues with a new product introduction is the rapid pace of today’s market. Many new products take years of design, development, funding and production. By the time the product is ready for the market, it could almost be obsolete. Because of long development times, companies are under pressure to shorten the cycle.
Using a DSN, companies can automate collaborative business processes, providing end-to-end visibility across the entire supply chain. The DSN collects data across all processes and trading partners, giving access to actionable information immediately. Businesses can track forecasts, orders, shipments and inventory levels to acquire actionable information that can improve efficiencies and create value.
New products can’t just be good enough, there must be a demand for them, and they must be developed on time and in budget by leveraging digital communications and collaboration with all stakeholders. When assessing a new product idea, evaluate how the product will innovate and improve customers’ organizations. Will they have better up-time, a higher throughput, better quality, reduced energy, etc.? Company functions that should be involved in a successful new product introduction include sales, marketing, legal, quality control, R&D and executive management.
Supply chains play a critical role in new product development because supply chain performance drives the investment of capital, production and distribution capabilities, and even launch dates. Visibility up and down the supply chain opens communications and collaboration, plus helps managers uncover roadblocks that can slow new product introductions.
Elemica Pulse combines network data with a flexible business process framework to model and monitor your business network. It utilizes predictive analytics, artificial intelligence and machine learning to deliver unprecedented end-to-end supply chain visibility. With visibility from order entry to shipment processing and documentation, process companies have an even greater ability to satisfy customer service levels, mitigate supply chain risk and streamline business processes.
With the Elemica Network and Elemica Pulse, shareholders involved in a new product introduction can correlate discrete information and optimize processes to make sure products reach the market as planned to deliver value.
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