What Time to Market is and 4 ways to shorten it in the Electronics Industry
Why Time is crucial for a successful New Product Introduction
What is Time to Market meaning?
Time to Market meaning is very important in the Electronics Industry. It is a good idea to understand it very well. Time to Market (TTM) is the time it takes a product from the concept to its availability for sale. If you are late in this process, the problem is not only that a competitor can get to the customer before you. It is also that the delay erodes the addressable market that you have to sell your product into. Time to Market is crucial especially for first-of-a-kind products when your invention cannot risk being invented by someone else before. But actually, the late launch of a product in any industry can negatively impact revenue. It happens in 2 ways. The first is by reducing the window of opportunity to generate revenue. The second is by the risk of the product becoming obsolete more quickly.
This is true in the Electronics Industry, as well, in any market. General rules apply for any kind of electronic product, so a special commitment is required to improve one's organization and to introduce digitized working methods. It is more a commitment than an investment because it doesn't actually cost much money. Time to Market should become a daily mantra for any manager in Electronics.
But there are markets where TTM is a question of life and death. Especially when a purchaser is a person - and not an organization - time is the King. Some products are subject to seasonality. For example, new children's toys are sold a lot more before Christmas. Other products depend on the fashion of the moment. Others from the news people learn from the media or social networks. In all these cases, time is the constant, while the variable is your ability to arrive at that appointment without delay.
The following graph explains this phenomenon.
Time to Market meaning according to a standard model
The graph above exemplifies the concept of Time to Market. Imagine you have a new product to launch. The green curve represents your expected sales. There is a moment in which sales will reach their peak and then inevitably descend. This type of curve is typical of fashion. In an "introductory phase" demand increases and sales as well. In an "acceptance phase", the product gets its peak of popularity. Then a decline in demand follows until the "rejection phase".
For some reason, your launch is late. Usually, it can be a problem that you encountered passing from Design to Manufacturing, typically a microscopic detail that nobody could notice before. But many factors can contribute to a delay. For you, it is hard to postpone the peak time. You can control at the most the characteristic of your product, not consumer behaviors.
So you are late and the curve of your sales starts later, but get its peak more or less in the same period. So it is inevitably lower and your sales are lower. This is the Time to Market meaning and the reason why a healthy company must put it first in its priority.
Why Cadlog solutions help you shorten Time-to-Market?
The power of Digital Twin
All our solutions, methodologies, and tools are based on the principle of Digital Twins. It helps you predict everything before it actually happens.
The Shift Left Methodology
With our solutions, you can integrate verification and simulation throughout the system design process to find and fix errors where they happen, instead of waiting until it's too late.
A real Partnership
Cadlog is not simply a vendor, but a real Partner that works beside you at every stage of the process that leads to the realization of the product and the satisfaction of your customer.
Software tools that helps you reduce Time to Market
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