However, no one expected 2020 to work out the way it did and it has exacerbated the need for delivering new products at the speed of light. New product development has become essential for businesses to retain market share, remain competitive and even just to survive.
2020 will be remembered as the year that impacted the whole world in a way that has never been seen before. Many businesses closed their doors whilst other had to push through with lower margins and less resources. Never in human history has there been such a need to speed up the development of new products to allow suppliers to meet the demand of this “new” world. The world will never be the same as what we know as “normal” is continuously changing at a rapid pace.
Larger companies have so far been able to push through with current products and offerings, however new opportunities have arose due to what happened in 2020. Many new start-up companies took the challenges head on as well as keeping afloat with the need to constantly adapt to the ever-changing “normal”.
New product development can no longer take months or years to be rolled out into the market. Companies need to act fast, be agile and always stay ahead of the competition, by cutting down their time to market on new products to stay fit in a survival of the fittest world.
New products are being launched every day and companies need to gear themselves up to be able to produce new products in a very short space of time. Should they not adapt and be able to produce at rapid pace they might find themselves in trouble having to reduce productivity or ceasing complete production lines or even in the worst case close their doors.
In response to this challenge, companies in general need to enable and equip themselves with the capability to produce new product/s in a matter of weeks.
Vizi Solutions South Africa has partnered with Lascom to assist companies to enhance their capability to produce new products in less time and remain competitive.
Lascom provides Food & Beverage and Cosmetics businesses with Product Lifecycle Management (PLM) software to streamline their entire product lifecycle, from the marketing brief to disposal, including formulation, packaging design and the compliance review steps. All business departments can develop an efficient and effective compliant product thanks to this unique and secured platform, insuring a single version of the truth.
Vizi solutions has been successful to implement this solution at Tiger Brands across their product lines, this includes: Food & Beverage as well as Home Care and Personal care.
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