What are some principles of LEAN Product Development?
Lean Product Development is a business philosophy, management practice and "how to" protocol all rolled into one. It is not just a "tool set" in the traditional sense of that word. Without an understanding of the underlying business philosophy, Lean Product Development would not be understandable, acceptable and doable.
As a business philosophy, Lean Product Development is based on the following principles:
Lean sigma thinking is not enough.
Innovative thinking must be coupled with lean sigma thinking "up front." Thinking about quality and cost "later" doesn't work in today's competitive, fast changing world.
Innovation must be constant.
Every new offering starts to degrade the day it is introduced. This is due to changing technology, marketplace needs, and relentless competition. Change never stops.
Innovation is no mystery.
It can be learned, can be used quickly and is repeatable. Opportunities are everywhere. Innovation is understandable, repeatable and can be applied to everything from financial practices to supply chain strategies.
Innovation is everybody's job.
Today we know that value creation possibilities can be found everywhere.
The "front end" drives at least 75%
of "back end" success.
Front end "fire prevention" is far better than back end "firefighting". Lean Innovation is a "fire prevention" practice.
At the Huthwaite Innovation Institute, we have trained thousands of product teams in our LEAN Product Development methodology.