Virtual product development : a method to reduce lead time in new product development

Abstract

In today's competitive marketplace, companies, especially in the au-tomotive manufacturing field are under strong pressure to introduce new products frequently to secure their long-term survival and profitability by staying ahead of their competitors. It is not possible for every company, even ones with huge resources, to cope progressively or immediately with the market requirements, due to knowledge dynamics and customer behaviour changes. This increased competition in the market place and reduced product life cycles due to market dynamics force companies to develop new products faster. This also forces companies to develop their knowledge resources quicker. In addition, for many a company, proto-typing the new product is a vital activity that can make a huge di¿erence between successful and unsuccessful entry of the said product into the market. physical prototyping is usually very expensive and time consuming , especially if modifications resulting from design reviews involve not only prototype redesign but also tool redesign. The advancement in technology and advanced computers has enabled the use of digital and virtual tech-niques for prototyping that forgo with costly prototype and production tool manufacturing. A product development platform using virtuality and virtual product development techniques is envisaged to reduce the product design lifecycle time. This platform is then integrated into the modified phase review process developed by Cooper. Focus on automotive industry is prioritised. But the process is suitable for all NPD projects.