Best practices in new product development and innovation: Results from PDMA's 2021 global survey

Abstract

AbstractExtending 30 years of NPD best practice studies, this paper presents the results of the most recent 2021 global best practice survey on product development management practices conducted by the Product Development & Management Association (PDMA). With responses from 651 companies in 37 countries, the results reveal once again that no single capability is necessary or sufficient to explain the best performance. The Best firms rely on the skillful combination of multiple new product development (NPD) practices to achieve greater overall innovation success. However, for the first time in this series of research, having an innovation strategy that encourages radical innovation, is oriented toward risk‐taking and long‐term, and strives for growth through new markets and new technologies is now a more important component of these practices than was previously found. Further results regarding the practices of the Best are discussed in the paper, and implications are provided.