Article at a glance:

The future of product development

Product-development cycles have improved over the past two decades by following a more disciplined and rigorous process—until recently, that is. Now, the pace of improvement seems to have leveled off, and companies are unable to meet the rising demand for better and more frequently launched new products aimed at narrower customer segments.

The take-away

A handful of companies have sped up the development process by making it more flexible and by changing the way input is gathered and decisions are made. In some cases, these companies have doubled sales of their new products and gained an undeniable edge in fast-paced and competitive markets.