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Product development is the process of strategizing, brainstorming, planning, building, and releasing a product to market and then measuring its success. It encompasses taking a product idea from concept to delivery and beyond — so you can grow your business and make customers happy.

Whether you are delivering a brand new offering or enhancing an existing product, the product development cycle begins long before anything gets built. Traditionally, product development was equated with the build phase of the product lifecycle. For teams following strict waterfall processes, requirements were defined upfront and implemented in sequential phases. Most product teams now embrace a more iterative approach based on agile methodologies. Customer feedback is incorporated early and often, work is released incrementally, and change is expected and welcome.

Methodologies aside, product development today is about much more than "how" a product is built. It is the "why," "what," and "when" — involving cross-functional work from product management and engineering all the way to product marketing. Your goal is to work together to build, launch, and refine a product that customers love.

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These are the seven stages of the product development process:

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1. Strategize: Define goals and initiatives

2. Ideate: Capture and refine promising ideas

3. Plan: Build a well-defined product roadmap and estimate product value

4. Showcase: Share roadmaps and go-to-market plans with stakeholders

5. Build: Deliver new functionality

6. Launch: Bring new capabilities to market

7. Analyze: Assess realized product value

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As Purxhase,  we can do product development before production sourcing as your requests from concept phase.

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Sourcing is the process of identifying and acquiring goods or services. The term sourcing is most often used in business, procurement, and manufacturing.

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In business and procurement, sourcing is the process of identifying potential suppliers of goods or services and establishing relationships with them. The goal of sourcing is to find vendors who can provide goods or services at a lower cost or with better quality than the company’s current suppliers.

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In manufacturing, sourcing is the process of selecting materials or components for a product. The goal of sourcing in manufacturing is to find suppliers who can provide materials or components that meet the company’s quality standards at a lower cost than the company’s current suppliers.

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There are many  types of method in sourcing. The most effective type is  strategic sourcing.

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Strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used. It lets an organization consolidate its purchasing power to find the best possible values in the marketplace and align its purchasing strategy to business goals.

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Strategic sourcing has become a more common strategy with the rise of digital supply chains. It requires analysis of what an organization buys, from whom, at what price and at what volume. Strategic sourcing differs from conventional purchasing because it places emphasis beyond initial purchase price to focus on total cost of ownership and optimizing the sourcing process through ongoing market research and building relationships with suppliers.

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Businesses use strategic sourcing to make their procurement processes less shortsighted and less focused on price. With a sourcing plan, they can develop an adaptable system that contributes to the overall long-term value of the business.

The process begins with analyzing business needs and historical spending. The next step is to outline a strategic plan, and then collect data and conduct market analysis that guides decision-making on supplier selection.

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Once suppliers are selected, contract negotiations take place with each supplier to determine specific terms of the relationship. Strategic sourcing also involves measuring performance and improving the process on a continual basis. Large organizations usually include many suppliers in their strategic sourcing activities. Organizations that wish to delegate the sourcing decision function to a specialist can turn to outsourcing providers

 

Strategic sourcing process steps

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   1- Analyze product categories

   2- Develop a sourcing strategy based on bussiness goal

   3- Create a supplier portfolio list from existing or new ones, based on business goal.

   4- Define criteria and templates of RFP.

   5- Track performance metrics and optimize the sourcing plan and workflows, as needed.

 

As Purxhase, we can take care of all product & supplier sourcing.

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Procurement cost savings means reducing your company’s expenses throughout your purchasing process. Procurement cost savings is not just about getting the cheapest price from your suppliers. Still, it’s also about lowering your maverick spending by optimizing your entire system by lowering your overall costs while maintaining quality products and performance.

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Here are some things you need to understand about procurement cost savings:

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It involves looking for favorable terms and conditions from your key suppliers and building better supplier relationships, which includes competitive bidding, delivery costs, volume discounts, and long-term contracts.

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It also involves optimizing inventory management throughout your procurement process to avoid risks of rogue spending.

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To save costs, you need to find a system to help you do away from manual tasks and increased labor costs by looking for automation software to help you streamline workflows.

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You must leverage a system to avoid unnecessary expenses to achieve procurement cost savings.

 

As Purxhase, we ensure that your cost-saving in your sourcing and production process.

While the terms “logistics” and “supply chain” are sometimes used interchangeably, logistics is an element of the overall supply chain process.

 

Logistics refers to the movement of goods from Point A to Point B, which entails two functions: transportation and warehousing. The overall supply chain is a network of businesses and organizations working in a sequence of processes, including logistics, to produce and distribute goods.

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Logistics is the collection of processes involved in moving goods internally or from seller to buyer. Logistics managers oversee and control the many complexities involved in that process; in fact, there are a number of certifications for these professionals.

 

Success depends on attention to many details: Routes need to be determined based on expediency, regulatory environments and avoiding obstacles ranging from road repairs to wars and adverse weather conditions. Shipping provider and packaging options must be carefully considered, with costs weighed against factors from weight to recyclability. Fully loaded costs may include factors outside of transportation, such as those that ensure customer satisfaction and the availability of suitable warehousing.

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A logistics management system underpins that effort and includes inbound and outbound transportation management, warehouse management, fleet management, order processing, inventory control, supply and demand forecasting, and managing third-party logistics (3PL) service providers

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As Purxhase, we can managing and operating logistics, warehhouse management customs clearence via wide range of logistic network.

Prototyping:

 

Prototypes are early samples, models, or releases of products built to test a concept or process. There are many contexts in which semantics can be used, for example, in design, electronics, and software programming. Generally, prototypes are used by system analysts and users to improve the precision of a new design.

 

Prototyping is an essential step in the Design Thinking process and is often used in the final testing phase. Every product has a target audience and is designed to solve their problems in some way. To assess whether a product really solves its users' problems, designers create an almost-working model or mock-up of the product, called a prototype, and test it with prospective users and stakeholders. Thus, prototyping allows designers to test the practicability of the current design and potentially investigate how trial users think and feel about the product. It enables proper testing and exploring design concepts before too many resources get used.

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Sampling or Sample Production:

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Sampling or sample production is an important aspect of the manufacturing process and will help safeguard your business from any unpleasant surprises when your products arrive. You want your final product to meet your exact specifications, which is why sampling or sample production is a critical component of proper manufacturing processes.

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As Purxhase, we can do prototyping &sampling before production sourcing as your requests from concept phase.

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Factory Visit &  QC:

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Quality in the supply chain is one of the biggest concerns of companies while buying anything for the manufacturing process. So, companies make sure that there is a proper inspection of items so that there remains no space for blunders.

Starting from the initial process, companies perform a quality check after purchasing items, check before the product leaves the vendor’s facility, inspection while the process undergoes, an inspection of finished goods, and even inspection at the warehouse.

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As Purxhase, we regularly visit factories to check procedures, standards and quality.

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Private Label Projects:

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Private labelling is a common business strategy that allows retailers to sell products under their brand name. Most businesses adopt this model as it allows companies to increase sales and grow its customer base.

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As Purxhase, we can arrange packaging and branding of your products.