Reducing Time To Market (TTM)

Time To Market (TTM) is the length of time it takes from a product being conceived until it is available for sale.

  1. Overview

    Time To Market (TTM) is the length of time it takes from a product being conceived until it is available for sale. TTM is important in all manufacturing businesses, but most importantly where products are outmoded quickly. Improving new product time to market increases both sales and profitability because companies are able to: maximise the window of opportunity in the market, in seasonality, in changing customer demand and other factors.

    Nowadays, markets, products, technologies and customer demand change rapidly, and an increasing number of companies are competing for market share. Products become commodity items after only a short time in the market, leading to lower margins and profits. This means that new product time to market is a critical factor that not only affects a particular product’s revenue and profitability, but can impact the overall success of any company. The longer the period of missed time to market, the larger the lost opportunity in both revenue and profits.

    Although some assume that TTM and product quality are opposing attributes of a development process, done correctly, nothing could be further from the truth. The main source of time-saving is minimising the number of design and manufacturing iterations and aiming to get the design right-first-time. Done this way, reducing TTM has a positive impact on quality.

    Conversely, skipping a step due to perceived time pressure, may not only undercut quality but can ultimately lengthen TTM if the organisation must complete or repeat the step.

  2. Statistics

  3. Solution

    For companies that do adopt 3D and Simulation, the main goal is often to reduce the time needed to get new products to market. 3D CAD software isn’t cheap, but its ability to help companies increase productivity, improve communication, boost product quality, and speed time to market validates the initial investment. It is worth a company calculating its expected Return on Investment (ROI) by using Total Cost of Ownership (TCO) to compare costs, including hardware, maintenance, upgrades, support and training

    Other objectives include meeting consumer demand for new products, improving product performance, enhancing product quality, and addressing increasingly complex customer requests. In many cases, companies are driven to 3D just to keep up with the competition.

  4. Benefits

    • Increase productivity
    • Improve communication
    • Boost product quality
    • Speed time to market
    • Generate more sales
    • Generate greater profitability
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  7. Who we have helped