Cross Functional Expertise
It is very important that there is a cross functional information system within a business for NPD (new product development). The importance of this, stems from the need for a strong communication system within business. There should always be a link between the various departments off a company in order for them to discuss different aspects of the new product.
For example ;
The financial department should always have access to the product management and process management departments and within them, they should hhave access to sales and marketing as well as supply chain management. This is very important as without that connection budgets can be badly broken and products could fail.
This has become more of a growing issue with more and more finance required in order to get a new product on its feet and selling well.
Supply Chain Management
With NPD some say the most important thing is how timely your production is and how efficiently the process is done. This is why an effective supply chain is vital. Orders need to be specific and close attention must always be kept towards delivery times and production deadlines. Without this your whole production line could fail and you may end up over paying employees or other areas of your supply chain may suffer.
Internal and External Knowledge of Markets
A marketing information system (MIS) is intended to bring together different types of data related to a certain product or service and evaluate it to get to know various aspects of your chosen market. This has become a very important part of NPD as it can give companies strategic advantage on their product, the prices they should sell at, place where they could sell and how they should promote their product. Information systems play a vital role here as all areas of the marketing department need to be kept up to date on the research findings.