The highly complex process of new product development (NPD) is central to personal care and cosmetics companies. Yet a McKinsey study shows that if 84% of executives believe innovation is essential to their organization's future success, only 6% of respondents were satisfied with their company's innovation performance. This raises the question of how manufacturers can simplify the process and achieve better new product development results (NPD).
An element of the answer can be found in another McKinsey report. The research and consulting firm reports that by implementing digital solutions, consumer packaged goods (CPG) companies can bring new 50% products to market fasterat a cost a third lower, and with double the return on investment (ROI).
In this article, we will discuss how a product lifecycle management (PLM) solution can be the solution your company needs to excel in consistent, streamlined and successful NPD projects.
Accuracy and visibility of specifications and documents
Having a clear and detailed unified repository of product-in-development specifications, prototypes and test results is essential for maintaining consistency and accuracy throughout the process.
With a PLM solution, you can store all relevant documents in digital format and make critical information available to everyone involved in the NPD process.
Promoting innovation and accessibility in product design
Creating new products for the personal care and cosmetics market requires highly specialized tools to control the process at component level.
PLM systems provide developers with the formulation tools they need to optimize product parameters according to original specifications.
Enhance collaboration and efficiency in project and task management
Monitoring your NPD projects is essential to identify bottlenecks in the process and reach a successful conclusion.
With a PLM system, you can define visible milestones along the journey from concept to shelf, reinforce team cohesion and maintain momentum. Project managers can use Gantt charts to track progress, monitor the team's workload and navigate between phases.
Promoting quality and compliance
Meeting your brand standards, consumer expectations and law enforcement requirements are key objectives during NPD. PLM systems' quality management and compliance functionalities ensure that all necessary controls are in place, and that steps are taken to cover your regulatory bases.
Solutions designed specifically for personal care and cosmetics manufacturers can automatically record critical quality events and the ingredients concerned for future reference. Aptean PLM also features tools for cross-referencing product parameters with regulatory libraries, allergen labeling and automatic generation of the Product Information Dossier (PID).
Need more details? See the complete white paper to better understand PLM systems.
You can also request a personalized demo at your convenience.