Customer attraction and retention through
Product & Service Introduction
Why is product introduction so important?
Product and service introduction is the process of launching new products or services that a company offers. Its main aim is to successfully introduce these new offerings to the market, attract and delight customers with quality products. Effective implementation of products and services differentiates good and great companies. Harnessing best in class philosophy, techniques and practices ensures that New Product Introduction is as seamless as possible.
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Assessing COMPLEXITY
How complicated the project is can decide what visual tools are needed, how the project steps are organised, and what measurements are used.
PROJECT MANAGEMENT
Knowing how the team performs, who is responsible, and how things are managed. This helps establish a clear plan to take your product or service from concept to its final form.
Improved DECISION-MAKING
Engaging team members from various key business functions can help improve decision making by defining the phases of work and the rules for making decisions at each step.
PERFORMANCE MEASUREMENT
Using Key Performance Indicators (KPIs) to measure progress against targets and identify any areas of improvement.
RESOURCE PLANNING
Understanding what resources are needed from each department to make the project succeed.
RISK Management
Identifying, dealing with, and managing risks. This also helps learn from past projects and improve future ones.
OUR APPROACH TO product service introduction
The Sharing in Growth approach to product and service introduction is practical and aligned with AS9145 standards. Sharing in Growth will tailor this method to fit your business needs. Following a clear process is just one part of a successful introduction. Our process is illustrated below:
Case studies
SHARING IN GROWTH HELPS TEKMAR IMPROVE OVERALL MARGIN BY £1 MILLION
Tekmar is the market leading provider of sub-sea protection systems for cables, umbilicals and flexible pipes. Their business is long term project based and subject to variations in scope and sub-sea conditions once work commences, meaning that an efficient project introduction and change control process is key to achieving their growth ambitions.
When the Sharing in Growth team started working with Tekmar, they were experiencing 9% margin shortfall to budget and 40% on time delivery, driven by a lack of control of scope, costs and variation capture. There was a high-level process, but no documented work instructions, limited performance metrics and no visual management to ensure activities were completed on time and to cost.
The two teams set themselves a challenge to create and implement a standard process for project execution and programme management to deliver projects on time and in line with cost expectations. They implemented a robust gated process with cross functional input and involvement, supported by process procedures, work instructions, standard operating procedures, gate check-lists and performance measures.
The results from the first six months of activity were an improvement in on time delivery from 40% to 57% with an additional £723k of variation order revenue secured, and overall margin improved by £1m, bringing projects in line with budget.
“Working together with Sharing in Growth, we were able to develop a robust cross functional, end-to-end gated process from the point of enquiry through to project delivery. Key metrics of On Time Delivery, Margin Realisation and Revenue Enhancement are all showing positive trends and we continue to embed into daily operations to secure a robust project delivery process across the business.”
MARC BELL
MANAGING DIRECTOR
IMPROVED NPI PROCESS SUPPORTS SIGNIFICANT GROWTH FOR ICON AEROSPACE
Icon Aerospace Technology were facing a rapid growth curve in their airframe seals manufacturing. They had managed 4,700 new products and this was forecast to increase by 50% a year for the next few years. Current performance had an average iteration to achieve first article inspection of four, a scrap rate of 40%, and average parts built by person per day of two parts.
The Sharing in Growth team supported a number of improvement activities throughout the gated process which included introducing design reviews, introduction of gate review meetings with key stakeholders, implementing failure mode effects analysis, revised handover documentation from the NPI team to the production team, and the introduction of a suite of KPIs to measure performance. In the New Product Introduction (NPI) production area, the teams also designed and implemented a five-step process supported by standard work methods and product verification.
As a result of these improvements, the average iterations required to achieve first article inspection reduced from 4 to 1.25. There was a 50% reduction in the labour required in the area who were redeployed to other production teams, a reduction in scrap from 40% to 3%, and an increase in average parts built by person per day from 2 to 2.5. All of these improvements culminated in costs savings of £75k.
“New Product Introduction and its smooth transition into production is a key area to deliver success for our customer. The team, under some great local leadership and supported by the Sharing in Growth coaches, really embraced the process and delivered a stepped improvement in our performance. It was the harnessed strength of the team, operating in a defined and structured environment, that produced these impressive results.”
TIM PRYCE
CEO
Our Product introduction Team
Latest Events & Videos
Top tips for product and service introduction
InSiGhts into the importance of Product and service introduction, which is the process of launching new products or services that a company offers.
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Sharing in Growth Celebrates £9.8 Billion impact from landmark Aerospace Supplier Development Scheme
Sharing in Growth (SiG) is celebrating the success of its government-funded UK Aerospace Supplier Development Scheme, which delivered £9.8 billion in additional contracts and supported 92,000 full-time equivalent (FTE) years of high-skilled employment through UK aerospace suppliers.
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Our success record
Our team of 100 industry experts work with ambitious companies to deliver ‘Insight & Intervention’, working alongside them to create a compelling vision and emotional connection for the people. Business growth, capital investment and net worth from companies engaged with Sharing in Growth have shown strong positive trends beyond their peers in the wider supply chain. We have a proven track record with our clients, increasing their resilience, revenue and improving their profitability.
