Set Your Product Launch Up for Success

Article sponsored by SpecPage from Revalize

Launching a new food product is exciting, but the odds of success are daunting; research shows “85% of consumer-packaged goods …  fail to survive more than 12 months.“ Why is this rate so high — and what can companies do to improve their chances of success? Read on to find out.

Why some food product launches fail before they begin

While market dynamics are one aspect as to whether a new product is successful, internal inefficiencies and outdated processes often undermine product launches before they start, including:

• Lack of process visibility from the onset: Without clear oversight, projects can veer off course early. Once that happens, it can be difficult to get them back on track.
• Reliance on manual tracking: Using disparate spreadsheets and emails leads to errors, extra work, and miscommunications that could easily be avoided.
• Undefined cross-functional workflows: Ambiguity in roles and processes hampers collaboration and postpones decision making, which stalls progress and could lead to delayed development and increased costs — or a competitor may beat you to the market and take share that could have been yours. 
• Scattered data: Critical information, including about food safety regulations and production processes, spread across disjointed platforms could cause delays, misalignment, and inconsistencies across roadmaps. 

How to set your next product launch up for success

Using a Product Lifecycle Management (PLM) solution like SpecPage, built specifically for the food and beverage industry, can be a game changer for companies launching new products. Benefits of using PLM software include:

• Centralized data access: Keeping your data in one place reduces the risk of outdated versions and ensures people know where to find information. Participants in the Smart Manufacturing 2025 Report, commissioned by Revalize Software, reported improved data management (37%) when they use a PLM solution. 
• Standardized processes: Established procedures for each development stage help streamline operations and enable better decision-making so you can get your product to market faster. 
• Increased cross-departmental collaboration: Communication across teams to ensure everyone is aligned on goals and aware of the latest updates is easier with a PLM solution. The report found that 35% of respondents saw improved collaboration when they use PLM software.
• Regulatory compliance: Food safety regulations can be complex and change over time, but your products must adhere to them. PLM software makes it easy to keep abreast of global regulatory compliance; manage complex recipes, nutritional data, and allergen information; and digitally trace your products and their ingredients.

Summing it up: are you sabotaging your success?

Internal inefficiencies and fragmented systems are often the culprits behind failed product launches. Proactively address these challenges through structured processes and modern tools like PLM systems to streamline and increase your speed to market.

Your next product launch can be part of the approximately 15% that succeed. By proactively refining internal practices and using PLM solutions, you can pave the way for successful product introductions and keep your good ideas from going to waste. 

Download the Smart Manufacturing 2025 Report to learn more about what the 500 companies surveyed have to say about how PLM solutions help them address challenges and the top three use cases for PLM software in the United States and Germany.