Failures can be contained in the Research & Development stage
Product Life Cycle
Products have life cycles. The four stages are: Introduction; Growth; Maturity; Decline. In an ideal world, the four stages have equal time.
The responsibility for each stage is unique:
- Introduction: Research & Development Department
- Growth: Sales & Distribution Department
- Maturity: Marketing Department
- Decline: Cost Accounting Department.
THINK: Tata Nano; HM Ambassador; HMT Watch; Bata Ambassador, Polson Butter.
Organization Life Cycle
Organizations too have life cycles: Introduction; Growth; Maturity; Decline. Organizations aim to have an infinite Growth stage. We call it organization life extension.
Organizations extend their lives by launching a series of new products. With planned obsolescence. They are strong on Research & Development.
Survival is compulsory. Success is not guaranteed.
THINK: ISRO; Hindustan Unilever; Marico; Mahindra; Asian Paints; Amul; HDFC Bank.
Start-Up Life Cycle
In start-up organizations, the Introduction stage is critical. Innovative products and services are developed, at speed. Better, Faster, Cheaper, and Different.
The Growth stage in successful start-ups is exponential. And the Maturity stage is a distant dream.
Very few start-ups succeed.
THINK: Ola; Flipkart; Paytm; Make My Trip.
How can more start-ups be successful?
For a start, I recommend that each start-up use a unique Quality / Reliability Tool, FMEA (Failure Mode and Effect Analysis), during the Introduction stage. This is not rocket-science.
In fact, every organization should embrace FMEA.
Failures can and must be contained in the Research & Development stage.
- Should Reliability Engineering be a specialization at IITs?
- Suggestion: A start-up for digital training on Quality Engineering and Reliability Engineering.
- Suggestion: A start-up for effective repair of potholes.
- Should investors in start-ups be taught FMEA?