Every new product comes with its specification that defines its identity and characteristics for both internal and external use. Often, people expect it to be one document including all the needed information but it is more complex than that. The product specification is a dossier that gathers many documents and data from different stakeholders, both internal and external. The dossier is created and updated by all the company departments during the new product development process and for its entire lifecycle.
Category Archives: New Product Development and Innovation
In the growing industry of personal care and cosmetic, brands and manufacturers need to continuously create and innovate. The collection turnover is getting shorter due to seasonal constraints and fast-evolving consumers’ needs. To answer this changing demand, businesses must reduce their product time to market and costs while being innovative.
Food regulations are continually evolving with significant differences from one country to another, impacting each and every department of a company. In fact, those regulations impact every step of a product development, from R&D to marketing through procurement and quality. Non-conformity in product composition, labeling or claims can be both costly and damaging to a brand image.
To ensure an efficient product development with a fast go-to-market for targeted countries, it is essential to set up and follow regulatory frameworks to comply to local rules all along the product life cycle . It requires an international network of regulatory experts in order to share structured information, ensure data continuity from suppliers to consumers, and elaborate an efficient collaboration facilitated by optimized processes.
When it comes to cosmetics, product safety is one of the biggest concern of either legal administrations, consumers or manufacturers. Indeed, manufacturers have the responsibility of ensuring that each product sold is safe for consumers. It also determines brands credibility and product quality. As consumers expect the product they buy to be efficient and conform to its description. The better the quality perceived is the better it is for brand’s image and sales.Read More
Clean Label is there to stay. As said by Lu Ann Williams, Innova Market Insights: “It’s not really a trend anymore, it’s the new rules of the game”. Over the past few years, consumers have been looking more and more for products with cleaner label. It has been a wake-up call for the food industry to create or re-formulate some of their products that fit in consumers' wants. This desire for cleaner label might also go in pair with actions undertaken by governmental authorities to help customers better understand what they are exactly consuming, such as the new Nutrition Fact Label set by the FDA in the US.
The food and beverage industry has been very dynamic in following trends in order to stay ahead of the game. Taking into consideration those trends, companies largely invest in new product development or re-formulation. Indeed, the need to develop new products through new or re-formulated recipes is supported by strong competition and demanding consumers – especially Millennials. Recently, there has been a great focus on reformulating or developing new product with healthier ingredients and cleaner labels. Formulators have been challenged to find new ways and ingredients to simplify labels while meeting expectations in term of nutrition, function and taste.
Here are some trends that should be embraced to stay relevant with consumers:
Product life cycles are getting shorter as the world market becomes more and more competitive. Therefore, being early in the development and marketing of a new product can be a serious competitive advantage as well as a financial one.Read More
There isn’t anything that says speed and efficiency like an organization and a global view. Just as it is true in normal everyday life it’s also true for product development and large scale companies, no more mess, means way less stress.
Innovation has been changing the whole world since the beginning of time. But it can be hard to keep up with all of the competition out there always creating new things. Lascom Solutions can help your product development and innovations in this increasingly regulated market.
Product development is a complicated and time-consuming process that can be completed better and faster with the right organisation. But, every problem has a solution. See what tools Lascom can give you to build a strong foundation for better product development.