Leader in the manufacturing, installation and service of elevators needed help with the development of an optimized product development lifecycle.
- Cut product development cycle time in half.
- Improve profitability by 1% of sales per year through cost reduction for current products.
- Created and implemented new product evaluation and development methodologies.
- Reduced the product development lifecycle by more than 50%.
- Improved profitability by 2% of sales.
Optimize Product Development
A leader in the manufacturing, installation and service of elevators engaged The Highland Group to assist in the development of an optimized product development lifecycle that would produce better performing products, cut its time to market and reduce current operating costs.
The Highland Group conducted an analysis of the company’s current product development process to identify opportunities for improvement, including new product innovation and evaluation processes, cycle time reductions, improved resource management, and cost reductions. Then the team developed a targeted and actionable plan to implement the newly optimized process.
- Developed and implemented a project gating process for new product development.
- Developed and implemented a strategic and financial filtering process to support product strategy and innovation.
- Designed and implemented an enhanced project idea evaluation methodology.
- Designed and implemented a resource rationalization model to schedule product development resources.
- Reengineered critical high-cost processes associated with bill of material preparation, delivery, installation and warranty.
Improved profitability of sales per year by