Accelerating time to market is vital in many ways.
Imagine company #1 spends months developing a new product. They run into a snag towards the end which pushes back their launch by about a month.
Meanwhile, company #1’s competitor releases a similar product on time – a few days after company #1’s initial launch time.
Now company #1 has to change their entire marketing strategy, pricing, and sales tactics because they missed out on important leverage.
It happens all the time. And in many cases, it’s totally preventable.
Every company experiences its own internal issues that drag down performance. With half of manufacturing teams working remotely and the other half on-site, these problems have become even more blatant.
Projects require instant access to data and seamless communication.
Why Can’t Companies Accelerate Time to Market?
In many ways, traditional internal business processes are outdated.
Organizations work across countries and continents with team members working from home or wherever they find themselves. Technology lets us stay connected and share information no matter where we are.
Despite this, many organizations still rely on last generation’s go-to market strategies.
Technologies and data access also create new hurdles for businesses to grapple with as they try to launch.
Late launches are costly and they matter for all products – not just first-of-a-kind ones.
A late product launch can cost a company up to 35% of its net present value. Meanwhile, reworking hiccups can amount to 40% of a project’s total cost.
For each month lost, a company can lose up to 6% of its max revenue. That means a four-month delay could eat up almost a quarter of a product’s revenue.
The real kicker: Most late launches and reworks are completely avoidable.
How to Accelerate Time to Market with Collaboration
Fortunately, companies can avoid lost revenue and issues by addressing a few internal processes.
Improve Data Sharing
Companies suffer from so many setbacks simply because the right people don’t have access to data they need.
Everyone is busy. It’s not wise to rely on individual people to make sure everyone has vital information.
Instead, use technologies like Power BI and Digital Signage to share project data.
In some cases, team members might withhold information if they’re worried about negative reactions or repercussions.
A growth-centric culture of transparency can fix these issues. Make sure team members know that mistakes happen but they must be addressed quickly and without judgement – not swept under the rug.
Encourage Open Communication
Teams or individuals are often encouraged to work independently and present their work once complete or in stages.
While delegating project tasks is smart, this also creates an environment where data doesn’t flow freely. Instead, use internal digital signage and other communication tools to keep everyone on the same page.
Have a Backup Strategy
Mistakes happen. Most aren’t the result of negligence. Sometimes, we don’t have the best data or we make poor judgement calls.
Regardless, a backup strategy is key for staying on track.
People are more likely to come forward with problems when they don’t fear punishment for their mistakes. Proper communication tools can keep everyone updated to setbacks and pivots when (not if) they happen.
Reach a Faster Time to Market with Communication
Effective communication and access to data form the backbone of any successful product launch. When everyone’s chugging along with the info they need to get the job done, companies might even find themselves launching early!