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Research indicates that more than 50% of all product introductions fail because they do not meet customer requirements. Outlining requirements is a crucial phase in any product development initiative.

How do you manage your requirements? Requirements-gathering activities are one of the strongest discriminators in determining marketplace success. If you work for a best-in-class company, you’re 4.5 times more likely to work closely with customers to identify needs and problems than your poorer performing peers. To turn an idea into profitable reality, you must align functional requirements with customer and market needs, balancing requirements such as regulations, quality, cost, capacity, etc.

Are you thinking big? To determine the correct set of requirements, you must consider them in the context of the whole integrated system (e.g., environmental, mechanical, electrical, software and manufacturing, etc.). You can avoid costly, last-minute corrections and problems by planning the subsystem in the context of the whole.