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Why Outsource New Product Development?
The benefits of outsourcing new product development are pretty obvious for smaller businesses, which often don’t have the time, resources or manpower to take a product from initial concept to prototyping and onto production. But are there benefits for much larger companies, and if so, what?
One would assume larger organisations have the resources and know-how to be able to facilitate getting a new project in motion. And more often than not, they do, but it is often a question of how effective this is, or, is it more appropriate, or indeed a more cost effective use of time, to outsource the management of projects?
Benefits of outsourcing:
A fresh pair of eyes
It sounds obvious I know, but there isn’t always time to think things through, to have the opportunity to stand back, and yet we all know how a fresh pair of eyes and a slightly different perspective can bring new life to a project. Outsourcing to bring diversity and variation to a new product is common. Today’s marketplace is tough; innovation and progression is key and worth investing in.
No need to take on, train or manage new staff
Large projects require a variety of skill sets that may not necessarily all be present within the company. Rather than taking on additional personnel, or using valuable time managing subcontractors, outsourcing the project in its entirety ensures that each stage of the project has the relevant specialists as required.
Take the pressure off existing personnel
Product Development is a commitment and trying to do this in house, can mean resources are stretched to the limit for long periods of time with multiple deadlines needing to be met. This can be stressful for staff on top of already heavy workloads. Outsourcing allows companies to continue focusing on current commitments with no detrimental effect on existing production, whilst project timescales for new development are achieved alongside.
Consider the Costs
Ultimately, new product development can be an expensive process, even for a large company. What can tip the balance is the stress brought about when trying to run additional projects in house. Outsourcing can help make the difference between a cost effective project, and a financial headache.
Plunkett Associates are experienced in assisting companies of all sizes, both within the UK and further afield for over 12 years, and have a proven track record for getting projects to fruition on time and within budget. If you would like support with your latest project please speak with us.