Technology isnt the driving force we thought it to be when it comes to bringing new products to market.
In the 9th annual Grant Thornton Survey of American Manufacturers, 67 percent of mid-sized manufacturers (74 percent of larger companies) were prompted by their customers needs or demands. Other product drivers include competitive pressures, 16 percent; internal innovation, 9 percent; new technology, 6 percent; and not sure, 2 percent.
As competitive pressures intensify, suppliers will have to find new ways to conceive and deliver innovative products faster, while maintaining quality and lowering product costs, the study concluded.
And how long does it take for a mid-size manufacturer to bring a product to market?
Less than six months, 39 percent; six to 12 months, 42 percent; more than 12 months, 14 percent; and 5 percent gave no answer.