The content of this post is geared towards product development, regardless of industry. Note, however, nearly all of my product development experience is in the medical device industry.
Every product development project has a ton of wasted time! Do you agree?
Time spent going to meetings. Time spent going through emails. Time spent trying to collaborate with other team members on important project documents.
I could peel back more layers of product development to find more areas where there is product development wasted time. But, if you just look at the time spent in meetings, going through emails, and updating documents, I suspect you could “find” quite a bit of time that you have lost.
Think back for a moment to a recent product development project. How efficient was the team? How efficient were you? Are there a few areas you can think of that sucked a ton of your time? What were these things?
Chances are, everyone on your team also lost at least a similar amount of time. Multiply your time lost by the number of team members. I’m guessing your estimate is easily measured in the 100s of hours if your project was at least a year long.
What if you could have this time back? What if everyone on your project could also recover their time too? How valuable would this be?
Imagine recovering a few hundred hours of time . . .
I recently took a few minutes to evaluate where I lost some time on a recent project. The number I came up with was over 200 hours during the course of one year. That translates to over 4.5 hours LOST per week. What could I have done with a that extra time? I might have been able to take on another small project. Or spent more time with business development. Or maybe even just taking a little bit of time off to do whatever.
My point is this. Every product development project has a TON of wasted time. There are all kinds of reasons. I contend that one way to recover this time is to use better tools for project specific documentation, communication, and collaboration. Not only will these better tools save you time, they can also help ensure consistency and provide a platform for the entire team to use simultaneously while capturing project specific information in one, central location.
If you are part of a company, chances are there are multiple product development projects ongoing at any given time. These better tools can also be used as the hub for all product development projects. And keep in mind, that if you use these tools, your organization can recover 100s of hours per team member per year. By doing so, you can take on at least one more product development project per year.
What would that be worth?