Benchmarking of a medical device company's product development process

Abstract

In todays' global economy, having a lean operation is no longer considered a competitive edge; rather has become the new necessity and norm [15]. The new source of this competitive edge is innovation [15]. What sets an organization apart from its competitors is the ability to develop products that constantly meet customers' demands. An organization must have a New Product Development Process (NPDP) that enhances, expedites and fosters development of innovative products on consistent basis in order to tie innovation to market success. Many organizations have a difficult time determining whether or not the NPDP they are using is adequate because there are no standard methods or processes that organization can use to assess their NPDP [16]. In order to assist a specific medical device organization to assess its NPDP, a partnership with Performance Measure Group (PMG) was established. PMG is a leader in benchmarking and performance measurement. This thesis gives insight into the various new product development and benchmarking processes that are in practice today. It also explores the challenges and benefits associated with conducting benchmarking. Finally, this thesis reveals some of the challenges that this particular medical device company confronts with their NPDP.