“Time is money.” That phrase may not be more true than in the fields of product development, engineering, and manufacturing. Lapses and delays don’t just cause a minor inconvenience here - rather, every day you fall behind schedule can mean lost revenue.

Whether you are launching a consumer product for the IoT, or if you are looking to produce a electronic part for a bigger end-product, coming in on time and under cost is essential to your long-term success. Here are four of the most common challenges companies run into during this process, and how you can optimize your way to a successful launch.

Without argument, one of the most important elements of a successful product development strategy is having a blueprint for success. Both in theory and quite literally, product development teams need to have a clear plan in place - something that specifies their project requirements and timelines throughout the process.

You have an idea or a need for a test solution. You know exactly what it is supposed to be accomplished and how it will help meet your business goals. You plan meetings with qualified contractors during which you explain your need and ask for quotes.

In the meeting, you clearly explain that the solution should: 

• Capture the name of the operator who runs the test.
  
  
• Allow the operator to enter information about the test article.
  
  
• Perform automated testing of the article per a list of parameters and pass/fail criteria supplied in a spreadsheet.
  
  
• Log the operator, test article information, and pass/fail criteria.

You obtain quotes, cut the purchase order, and work commences. The solution is created and the contractor wants to meet with you for demonstration and delivery.

That’s when the trouble begins.