How a One-Source Product Development Partnership Is Your Best Bet for Market Success
When gearing up to develop a new product or determining the next steps for a project already in process, cost-savings is the first consideration that you’ll naturally bring to the table. While it may quickly become apparent that a one-source product development partnership is the superior path to cost-savings, other benefits are equally important.
Here are some of the reasons so many companies are taking this one-way route to market success.
You save time. Lots of time.
Partnering with a one-source product development firm can save you significant amounts of time. Not only does it save you the incredibly time-consuming (and therefore expensive) upfront task of identifying and vetting multiple suppliers, it also saves you time throughout the life of your project. A one-source partner streamlines all aspects of product development into a single, seamless, highly integrated process. This means you don’t have to chase down (digitally, or otherwise) multiple contacts across multiple suppliers to stay constantly updated on how things are going.
You can count on increased transparency and accountability.
Working with a one-source firm means much higher levels of oversight are available, especially if your partner has access to a global sourcing network and company-owned facilities. At Pivot International, we bring together nearly 50 years of product design, engineering, manufacturing, and supply chain expertise across over fourteen industries and three continents.
With all phases of product development going on under a single roof of our company-owned facilities (under the umbrella of the Pivot family of companies), we maintain rigorous oversight backed by our multiple ISE and ISO certifications. Our one-source model provides our partners with exceptional degrees of transparency into our operations and the status of their product.
Your Vendor Management is Simplified.
Partnering with a one-source firm greatly simplifies your vendor management since you’re not having to pay multiple parties or track multiple invoices. This takes the headache out of the complex accounting process generally associated with product development, making it easier to mind your budget, manage your cash flow, and stay up to date on expenses.
You don’t have to wear multiple hats.
When you partner with a one-source product development firm, you don’t have to worry about performing roles that fall outside your comfort zone. You don’t have to suddenly become a project manager, team coordinator, supply chain expert, or assume any of the roles that need to be filled when bringing a successful product to market. A one source-firm does it all for you by assembling a team of top design, engineering, supply chain, manufacturing, and distribution talent, leaving you free to focus on whatever you’re best at.
You don’t have to hire new talent.
Although many companies may have some product development capability, they often lack the in-house talents for critical parts of the process. For example, they may have extensive design talent, but not DFM (design-for-manufacture) talent (confusing the two can generate problems down the line). Rather than going to the trouble and expense of hiring new talent (which in many cases is in short supply), it’s much easier to close these gaps with the full-spectrum talent pool that a one-source partner provides.
You have lots of flexibility.
Just because a one-source partner does it all — end-to-end supply chain management and product concept, prototype, design, engineering, manufacturing, distribution — doesn’t mean you have to use them for every part of the product development process. A one-source partner gives you the freedom to enter and exit the relationship at any point in the process.
Maybe you’ve already got a working prototype, but need engineering expertise to move it along. Maybe you’ve already got a fully-fledged product but need help with distribution. The beauty of a one-source partnership is that it functions as just that: a partnership, where you and your partner work together to determine how to best serve your business’s unique needs.
If you’re looking for a proven one-source partner to support any stage of your product development, we can help. We’ve helped hundreds of companies worldwide bring successful, award-winning products to market, even in challenging times. Contact us today to learn more about how we can be the one-source solution you’ve been looking for.