Method to identify quality ideas for New Product Development
Khairul Ridzwan Ibrahim, Ross F. Gilmour · 2016
Success rates of ideas launched to the market in New Product Development (NPD) is low. It is estimated that only 3 successful lunches from 1000 ideas. This means that standard practices in launching products in organizations are highly inefficient. To improve the efficiency, we developed practical tools and processes to better manage the fuzzy-front-end of innovation in NPD. The process developed involves tools such as challenge framing, online idea management, modified Delphi ideation and review sessions and a semi-quantitative Opportunity/Feasibility matrix for prioritization. In a case study discuss in this paper, 43 ideas were gathered and later prioritized to 6 ideas by highly engaged participants. This was enabled by the practical and straight forward approaches applied. Being able to better manage the fuzzy-front-end, high quality ideas were able to be identified. The systematized approach delivered a significant improvement in its efficiency leading to more successful product launches.