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Time to market per industry

  • 1.  Time to market per industry

    Posted 04-21-2021 16:24
    Edited by Wojciech Ozimek 04-21-2021 16:24
    Hi all,

    I am looking for some relatively fresh reports on time to market per industry. Thanks in advance for pointing me in the right direction - cannot find any data

    Wojtek



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    Wojciech Ozimek
    Head of Product
    TeamStormer
    Katowice
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  • 2.  RE: Time to market per industry

    Posted 04-22-2021 12:49

    that sounds like a really interesting topic!  I'd like to hear what you learn.

    for my part, I work in methods to accelerate hardware innovations to market, and the comparison would be interesting to my clients



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    John Farnbach
    Principal
    Silver Streak Partners LLC
    Boulder CO
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  • 3.  RE: Time to market per industry

    Posted 04-22-2021 13:51
    I would find that information very useful as well! Keep us in touch with what you find please.

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    Veronica Janssen
    Product Manager
    US Bank
    Edina MN
    612-436-6211
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  • 4.  RE: Time to market per industry

    Posted 04-23-2021 09:08
    Shameless plug for Gloria's webinar next month on toplines from the most recent PDMA Best Practices Survey
    https://www.pdma.org/events/EventDetails.aspx?id=1513474&hhSearchTerms=%22best+and+practices+and+survey%22

    The Best Practices survey directly addresses this question across industries and geographies.  From my experience, however, I would urge caution comparing "averages" across industries or even "best" vs. "the rest":
    • "time to market" is not measured consistently, so comparisons across industries or even across companies within an industry is problematic.
    • Most companies have very clear complexity measures for projects, and different types of projects should have very different times to market.  Again, the variation across projects within a company is at least as interesting as variation across companies/industries.
    • Many companies have diverse Business Units, with different average times to market, complicating the analysis even further.
    Like John Farnbach, I've worked with done lots of work in the "speed to market" space (mostly consumer products). Frankly, a one-size-fits-all approach is doomed to failure.  There are certainly a plethora of best practices to borrow from, but the "best" NPD work process in any given situation will vary greatly by Industry/Company/Business Unit. The devil, indeed, is in the details.

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    Wayne Fisher
    Innovation Guide
    Rockdale Innovation LLC
    Cincinnati OH
    513-708-2492
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  • 5.  RE: Time to market per industry

    Posted 04-23-2021 10:51
    Try contacting Abbie Griffen at the University of Utah.  She did research in time to market and would likely be able to point you to the most recent research

    https://eccles.utah.edu/team/abbie-griffin/

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    Robert Gier
    Director
    UDo L3C
    Lake Barrington IL
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  • 6.  RE: Time to market per industry

    Posted 04-23-2021 09:40
    While I agree that it is a complex analysis, I also believe that benchmarking is possible. Time to market is one of the most important measures of how product development performs. We can't waive it away with excuses.

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    Veronica Janssen
    Head of Product Strategy, North America
    Elavon
    Edina MN
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  • 7.  RE: Time to market per industry

    Posted 04-23-2021 10:17
    I was waiting for Gloria's webinar so it is so great it is coming soon! Thanks, Wayne!

    I understand the complexity but still, if I could only dedicate some time, I would make the research with my team

    If I find something, I'll let you know

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    Wojciech Ozimek
    Head of Product
    TeamStormer
    Katowice
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  • 8.  RE: Time to market per industry

    Posted 04-23-2021 10:29
    Veronica, I agree that time to market is a critical measure of any NPD process.  That said, in my experience I have found internal benchmarking to be far more valuable than external benchmarking. Specifically, is our time to market faster or slower than 5 years ago? Are there important differences between our Business Units? Do we understand why there are differences? Most importantly, what best practices can we reapply to accelerate time to market across all of our businesses.  I wouldn't forgo external benchmarking (especially within an industry), but recognize the limitations as outlined above.

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    Wayne Fisher
    Innovation Guide
    Rockdale Innovation LLC
    Cincinnati OH
    513-708-2492
    ------------------------------