What is Time to Market (TTM)?
Time to market (TTM) refers to the time span from product idea to market launch. A shortened TTM is crucial for competitive advantage, as it enables companies to react faster to market changes and launch new products quickly.
Advantages of a shortened TTM:
Competitive advantage: faster time to market allows companies to gain an edge over the competition.
Responsiveness: Companies can react more quickly to market changes and customer requirements.
Increased sales: Earlier market entry can lead to higher sales and market share.
Promoting innovation: Accelerated processes promote the ability to innovate and adapt.
Strategies for optimizing TTM:
Effective development processes: Optimize product development processes to eliminate bottlenecks and increase efficiency.
Agile methods: Use of agile methods such as Scrum or Kanban to increase flexibility and speed in development.
Close collaboration: Promoting collaboration between different departments such as R&D, production and marketing.
Use of technology: Use of modern technologies and tools to speed up development and production processes.
Conclusion: A shorter time to market (TTM) is crucial for success in highly competitive markets. Through effective development processes, agile methods and close cross-departmental collaboration, companies can optimize their TTM and react more quickly to market changes.