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Case Studies:
Update Our Aging Product Portfolio
Overview – A $50MM privately-held B2B products manufacturer needed to refresh an aging fleet of complex industrial equipment
Primary Issues –Without a defined product development process, the company’s previous efforts at developing new products were slow, expensive, didn’t meet customer needs, and resulted in many Engineering changes after launch. For example, a key product had been recently launched that was twice the maximum weight requirement which shrank sales margin, complicated shipping and installation, and increased operating costs.
Statement of Work –
- Develop 5-Year Portfolio roadmap with identified enabling technologies.
- Institute a defined product development process.
- Train and coach staff through process.
- Develop and launch products for years 1 and 2 of Portfolio Roadmap.
Actions:
Filled gaps in client’s roster
Customized HNP’s Managed Risk NPD™ process to suit client organization
Organized, trained, coached, and led client NPD team
Implemented best practices in Requirements Planning, Change Management, and Product Engineering
Redeveloped and qualified several deficient internal Mfg processes to industry standards
Results:
Redesigned overweight product and resolved shipping and installation issues
Produced a 5-Year integrated Product-Technology Roadmap
Developed two new product families that met all KPI’s, CTQ’s, and financial targets
Increased company annual revenue from $50MM to $68MM at required GP and OP
Client can now deliver profitable new products without help from HNP