Lean Time To Market (L-TTM) is the length of time it takes from a product being conceived until its being available for sale. L-TTM is important in industries where products are outmoded quickly. A common assumption is that L-TTM matters most for first-of-a-kind products, but actually the leader often has the luxury of time, while the clock is clearly running for the followers.
In another words; L-TTM is a structured and optimized set of tools and job orders to design and lounch a product to market instead of personnal based practices.
With these optimized processes, pre-launch development costs can be lower, time to launch can be faster and market share gains can occur faster and be maximized as it seen below.
During a product development till market launch L-TTM provides:
- | Clear understanding of customer needs at the start of the project and stability in product requirements or specifications; |
- | A characterized, optimized product development process; |
- | A realistic project plan based on this process; |
- | Availability of needed resources to support the project and use of full-time, dedicated personnel; |
- | Early involvement and rapid staffing build-up to support the parallel design of product and process; |
- | Virtual product development including digital assembly modeling and early analysis and simulation to minimize time consuming physical mock-ups and testing; |
- | Design re-use and standardization to minimize the design content of a project. |