Balancing a company’s innovation related activities that are “necessary waste” with those that create value presents an ongoing struggle for companies of all sizes. The benefits of applying Lean Principles to innovation and product Development functions and activities can dramatically affect a company’s product portfolio and its bottom line.
Fast changing market dynamics and aggressive competition from emerging countries are putting competitive pressure at the highest levels, thus generating the need for shorter product development times, more innovative products and better service at cheaper prices in the market. These results can be achieved through the implementation of Lean principles to remove inefficiencies and waste from processes.