Keywords: benchmarking, new product and service development
Managing the P/SDI process: best-in-class principles and leading practices
In today's competitive, high technology markets where firms are faced with persistently falling margins, a well-managed Product/Service Development and Introduction (P/SDI) process is critical to success. This article begins by outlining the typical problems and issues faced by high technology firms in the management of their P/SDI processes. An in-depth best-in-class benchmarking exercise uncovered leading practices that have contributed to more "efficient" and "effective" P/SDI processes. Since these exact practices cannot be expected to perfectly match the needs of all high technology firms, best-in-class principles are developed which underlie and drive P/SDI success. Adherence to these principles is key for firms to decrease costs, increase revenue, and improve overall profitability associated with a more successfully managed P/SDI process.