Time to Market

Description:

The time required to move a product or service from conception to market. The shorter the time to market, the quicker a return on investment can be realised. The measure also offers an indication as to the efficiency of design internal management processes associated with the process. A short time to market allows the rapid introduction of new technology, providing a flow of new products to meet customer expectation (particularly in the IT and telecommunications industries) and offers a competitive advantage for companies working with short life cycle products. Rapid time to market must still accommodate appropriate development time to ensure products/services are fit for purpose and to avoid the risk of low customer satisfaction which could result from “fast-tracked” offerings.

Calculation:

The time taken (days/weeks/months/years) to move a product or service from concept to delivery to the customer.

Example:

A comparator is required for this measure.  It is usually the Estimated Time to Market.  That is the planned time expected to from concept to delivery. With the comparator, a determination of good, bad or indifferent can be made.