Industry 4.0

Introduction

In business and engineering, New Product Innovation Program Management covers the complete process of bringing a new product to market. New Product Innovation is described as the transformation of a market opportunity into a product available for sale.

The product can be tangible (something physical which one can touch) or intangible (like a service, experience, or belief). A good understanding of customer needs and wants, of the competitive environment and of the nature of the market represents the top required factor for the success of a new product. Cost, time and quality are the main variables that drive customer needs. Aiming at these three variables, companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products.

There are many uncertainties and challenges which companies must face throughout the process. The use of best practices and the elimination of barriers to communication are the main concerns for the management of the NPDI process.

By the end of the program, participants will be able to:

  • Understand the importance of New Product Innovation
  • Understand the critical NPI systematic steps to release great product
  • Add value-added features into the product
  • Differentiate between Innovation and Invention in term of commercial values

Target Audience

Senior Engineers, Engineers, and Program Managers

Prerequisite
  • Involved in program or product development cycle
  • Potential future workforce who support the NPI