Product Development Process Workflows

Product Development Business Process Definitions & Templates

  • Workflow Template / Product Development

    Financial Product Development
    Financial Product Development deals with the initial concept development (sometimes called "ideation"), market analysis, product documentation development, internal approval and regulatory registration for new products launched by Financial Services companies (e.g., banks, insurers, investment managers, etc.). Financial products may include credit cards, insurance coverage, investment products (e.g., exchange traded funds, etc.), savings accounts and deposit accounts. Product Development teams, product managers and line of business executives coordinate to conduct full-scale cost/benefit and market analysis to determine if the product is viable. If the product is approved internally, documentation is compiled and submitted to regulatory agencies for approval. If the product is approved by the appropriate regulatory bodies, the teams must then prepare for a full-scale market launch.
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  • Workflow Template / Product Development

    New Product Development
    New Product Development involves coordination between research and development (R&D) teams, product managers, engineering/design staff and line of business executives to conceive, develop and test a new product. After the initial concept has been agreed upon, researched and documented, it is presented to management who will make a decision as to whether the product should move into the next stage of development - prototyping. During the protoptyping stage, a model of the product is created by the engineering and design team and tested to ensure its safety, viability, usability, etc. After adjustments have been made to the prototype, another round of approvals is required. If the final prototype is approved, large-scale production planning begins.
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  • Workflow Template / Product Development / Product Packaging

    Order Packaging
    The Order Packaging process involves coordination between the Product Development, Marketing and Engineering functions to design, develop, test and produce packaging for a particular product (or group of products). This process includes sub-tasks such as package prototype development, prototype testing, specification development, approval and graphic design.
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  • Workflow Template / Product Development

    Order-Based Product Development
    The Order-Based Product Development process involves coordination between customers, product development staff, engineering/design team members and production floor employees to configure and produce customized orders for clients. Customized orders deviate from standard specifications in certain ways, and thus require additional engineering, design and manufacturing time to fulfill. After the order has been received by the customer, the product development and engineering/design teams develop product specifications for the customized item. Those specifications are passed off to manufacturing team members, who then produce a prototype of the product. After the prototype has been tested and approved, it is ready for final production and shipment to the customer.
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  • Workflow Template / Product Development

    Regulatory Product Approval
    The Regulatory Product Approval process involves coordination between product development staff, compliance and product testing team members and regulatory agencies to gain approval on a new product. The first step in this process is to define, confirm and document all regulatory requirements to prepare for internal testing. Once the product has been thoroughly tested by internal teams, it is prepared for submission to the appropriate regulatory agencies. If the product is approved by the regulators, preparation for full-scale manufacturing/production begins.
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