This article needs additional citations for verification .(December 2009)
In commerce, time to market (TTM) is the length of time it takes from a product being conceived until its being available for sale. The reason that time to market is so important is since being late erodes the addressable market into which producers have to sell their product.A common assumption is that TTM matters most for first-of-a-kind products, but actually a late product launch in any industry can negatively impact revenues—from reducing the window of opportunity to generate revenues to causing the product to become obsolete faster.
There are no standards for measuring TTM, and measured values can vary greatly. First, there is great variation in how different organizations define the start of the period.
For example, in the automotive industry the development period starts when the product concept is approved.Other organizations realize that little will happen until the project is staffed, which can take a long time after approval if developers are tied up on existing projects. Therefore, they consider the start point when the project is fully staffed. The initial part of a project—before approval has been given or full staffing is allocated—has been called the fuzzy front end, and this stage can consume a great deal of time. Even though the fuzzy front end is difficult to measure, it must be included in TTM measurements for effective TTM management.
Next, definitions of the end of the TTM period vary. Those who look at product development as engineering say the project is finished when engineering department transfers it to manufacturing. Others define the conclusion as when they ship the first copy of the new product or when a customer buys it. High-volume industries will often define the end point in terms of reaching a certain production volume, such as a million units per month.[ citation needed ]
Finally, TTM measurements vary greatly depending on complexity –- complexity of the product itself, the technologies it incorporates, its manufacturing processes, or the organizational complexity of the project (for example, outsourced components). New-to-the-world products are much slower than derivatives of existing products. Some companies have been successful in putting their products into categories of newness, but establishing levels of complexity remains elusive.
Although TTM can vary widely, all that matters is an organization's TTM capability relative to its direct competitors. Organizations in other industries may be much faster, but do not pose a competitive threat, although one may be able to learn from them and adapt their techniques.
A tacit assumption of many is that TTM and product quality are opposing attributes of a development process. TTM may be improved (shortened) by skipping steps of the development process, thus compromising product quality.For those who use highly structured development processes such as Phase–gate model or Six Sigma, product development is often viewed as a clearly defined sequence of steps to be followed. Skipping a step—due to perceived time pressure, for example—may not only undercut quality but can ultimately lengthen TTM if the organization must complete or repeat the step later.
Other organizations operate more aggressively, recognizing that not all steps need to be completed for every project. Furthermore, they actively apply tools and techniques that will shorten or overlap steps, cut decision-making time, and automate activities. Many such tools and techniques are available (see References below).
Organizations pursue TTM improvement for a variety of reasons. Some variations of TTM are
These types of TTM illustrate that an organization's TTM goals should be aligned with its business strategy rather than pursuing speed blindly.
The first recorded conference on Time-to-Market was organized by Bart Hall of AiC and held on 25 and 26 October 1995 at the St James Hotel in London. It was chaired by Mike Woodman, then of Logica and now of Coplexia Consulting, and Allen Porter of AIIT.
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.
An application-specific integrated circuit is an integrated circuit (IC) chip customized for a particular use, rather than intended for general-purpose use. For example, a chip designed to run in a digital voice recorder or a high-efficiency video codec is an ASIC. Application-specific standard product (ASSP) chips are intermediate between ASICs and industry standard integrated circuits like the 7400 series or the 4000 series. ASIC chips are typically fabricated using metal-oxide-semiconductor (MOS) technology, as MOS integrated circuit chips.
In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market.
Six Sigma (6σ) is a set of techniques and tools for process improvement. It was introduced by American engineer Bill Smith while working at Motorola in 1986.
Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
Software development is the process of conceiving, specifying, designing, programming, documenting, testing, and bug fixing involved in creating and maintaining applications, frameworks, or other software components. Software development involves writing and maintaining the source code, but in a broader sense, it includes all processes from the conception of the desired software through to the final manifestation of the software, typically in a planned and structured process. Software development also includes research, new development, prototyping, modification, reuse, re-engineering, maintenance, or any other activities that result in software products.
In industry, Product Lifecycle Management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprises.
Design for Six Sigma (DFSS) is an Engineering design process, business process management method related to traditional Six Sigma. It is used in many industries, like finance, marketing, basic engineering, process industries, waste management, and electronics. It is based on the use of statistical tools like linear regression and enables empirical research similar to that performed in other fields, such as social science. While the tools and order used in Six Sigma require a process to be in place and functioning, DFSS has the objective of determining the needs of customers and the business, and driving those needs into the product solution so created. It is used for product or process design in contrast with process improvement. Measurement is the most important part of most Six Sigma or DFSS tools, but whereas in Six Sigma measurements are made from an existing process, DFSS focuses on gaining a deep insight into customer needs and using these to inform every design decision and trade-off.
Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Integrated circuit design, or IC design, is a sub-field of electronics engineering, encompassing the particular logic and circuit design techniques required to design integrated circuits, or ICs. ICs consist of miniaturized electronic components built into an electrical network on a monolithic semiconductor substrate by photolithography.
Empathic design is a user-centered design approach that pays attention to the user's feelings toward a product. The empathic design process is sometimes mistakenly referred to as empathetic design.
The following outline is provided as an overview of and topical guide to management:
In business, engineering, and manufacturing, quality – or high quality – has a pragmatic interpretation as the non-inferiority or superiority of something ; it is also defined as being suitable for the intended purpose while satisfying customer expectations. Quality is a perceptual, conditional, and somewhat subjective attribute and may be understood differently by different people. Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace. Producers might measure the conformance quality, or degree to which the product/service was produced correctly. Support personnel may measure quality in the degree that a product is reliable, maintainable, or sustainable. In such ways, the subjectivity of quality is rendered objective via operational definitions and measured with metrics such as proxy measures.
Quick response manufacturing (QRM) is an approach to manufacturing which emphasizes the beneficial effect of reducing internal and external lead times.
A glossary of terms relating to project management and consulting.
A phase-gate process is a project management technique in which an initiative or project is divided into distinct stages or phases, separated by decision points.
Lean IT is the extension of lean manufacturing and lean services principles to the development and management of information technology (IT) products and services. Its central concern, applied in the context of IT, is the elimination of waste, where waste is work that adds no value to a product or service.
Business process management (BPM) is the discipline in which people use various methods to discover, model, analyze, measure, improve, optimize, and automate business processes. Any combination of methods used to manage a company's business processes is BPM. Processes can be structured and repeatable or unstructured and variable. Though not required, enabling technologies are often used with BPM.
The service blueprint is a technique originally used for service design, but has also found applications in diagnosing problems with operational efficiency. The technique was first described by G. Lynn Shostack, a bank executive, in the Harvard Business Review in 1984. The service blueprint is an applied process chart which shows the service delivery process from the customer's perspective. The service blueprint has become one of the most widely used tools to manage service operations, service design and service.
SPADE is a software development productivity and quality tool used to create professional software in a short time and with little effort. As seen in the diagram SPADE automates many manual activities of the Software development process. It therefore takes less time and effort to perform the full software development cycle.