Product development in six stages
There are six stages to our product development cycle. Each stage has different environmental, quality and safety objectives that need to be met before proceeding to the next stage.
Global product development process overview
- The scope of the project is defined by balancing project targets, development requirements and alternative solutions.
- The concept is chosen through a process of market research, environmental impact assessments, and the business case.
- The applied research phase, which includes the technical feasibility study.
- The development phase includes building, verifying, validating and ratifying the product solution. Market, aftermarket, manufacturing and assembly solutions need to be refined by conducting feasibility studies.
- The industrialization and commercialization phase where the industrial system has to be installed, prepared and verified to enable production.
- The launch of the product and the aftermarket products.