CONCURRENT PRODUCT DEVELOPMENT FOR COST-EFFECTIVE INNOVATION

Frank M. Hull

Chapter 1 in Driving Cost-Effective Innovation with Concurrent Systems:Strategy, Process, Organization, & Tools/Technologies, 2024, pp 5-43 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Enterprises have evolved in their capabilities for creating value by transforming serial into simultaneous value creation systems. Employees in concurrent value development (CVD) systems work collaboratively instead of separately along the value stream from concept to customer support services. The principles of CVD are captured in a “composite” model of development systems for maximizing customer experiences and enterprise profits.The composite model synergistically integrates four domains of practice: Strategy, Process, Organization, and Tools/Technologies (SPOT) commonly found in large, complex enterprises. The model is a holistic system synergistically creating total value exceeding the additive inputs from each domain of practice. The composite model is a robust architectural configuration that can be augmented for taking development systems to ever higher levels of total value development (TVD).Evidence for the composite model weaves together results from several studies to provide a tapestry depicting how concurrent principles and practices are enacted along value stream from research to customer service. Studies focus on the following five points along the flow of value development: (1) scientific inventions; (2) advanced technical applications; (3) product development transformations; (4) operational realization; (5) delivery of customer experiences. Concurrent product development (CPD) integrates socio-technical activities involving data, people, and things to achieve greater total value within and between these five spheres of activity.

Keywords: Innovation Management; Technology Management; Disruptive Technologies; Radical Technology Development; Productivity Improvement; Strategic Management; Organization Behavior; Industrial Management; R&D Management; Product Development; Service Management; Concurrent Engineering; Systems Engineering; Lifecycle Management; Transformational Leadership; Project Leadership; Team Management; Enterprise Transformation; Industrial Benchmarking; Total Quality Management; Lean; Agile Systems; Software Development; Japanese Management Systems; Quality Circles; Human Capital Development; Diversity Development (search for similar items in EconPapers)
JEL-codes: O32 (search for similar items in EconPapers)
Date: 2024
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