Document Type : Original Article
Authors
1
Associate Professor, Department of Industrial Management, Faculty of management, University of Tehran, Tehran, Iran.
2
Professor, Department of Industrial Management, Faculty of management, University of Tehran, Tehran, Iran.
3
MSc., Mechanical Engineering Department, Faculty of Engineering, University of Tehran, Tehran, Iran.
4
MSc., Department of Industrial Management, Faculty of management, University of Tehran, Tehran, Iran.
10.48308/jimp.2024.231294.1443
Abstract
Introduction and objectives: The development of Industry 4.0, alongside ever-changing customer preferences and shorter product life cycles, has made new product development (NPD) processes an essential necessity for companies. Achieving sustainable industries requires a process where emerging risks are managed. In other words, applying risk management concepts in the NPD process can enhance organizational performance. The primary aim of this study is to develop a framework for risk management in the NPD process of fast-moving consumer goods (FMCG).
Method:
First, related research on NPD was reviewed, and concepts of the NPD process, risk, and FMCG were defined to clarify the problem statement and the need for risk management in this field. This part was presented in two main sections: theoretical literature and empirical literature. Subsequently, a detailed review of 18 risk management models out of 95 articles was conducted by examining prominent studies in this area.
Findings: The results showed that these articles investigated some phases and steps of the five-phase models, with occasional modifications, but none covered all activities and phases comprehensively. Using the meta-synthesis method and Sandelowski and Barroso's seven-step model, considering all shortcomings and strengths of the reviewed models, a novel risk management model was proposed to improve the NPD process, consisting of six steps. The implementation details of the stages, steps, and sub-steps of the model were introduced. This model not only incorporates the strengths of existing models but also addresses their deficiencies. The innovation of this model lies in the detailed articulation of the risk process steps and its focus on improving the risk response strategy determination path. The impact of the FMCG industry on this model is evident in the independence of risk management and risk monitoring. This research was derived from existing models and the meta-synthesis method, then refined with insights from risk management experts, FMCG specialists, and a case study of the current product status in Golrang Company. The major criteria for testing the validity and reliability of the measures were examined. Validity assessment was initially conducted through an extensive review of the literature. Subsequently, the identified components and indicators were surveyed by experts in this field and received final approval. Additionally, two series of interviews were conducted to collect the necessary data. The first series aimed at identifying existing risks in the NPD process. The second series focused on determining response strategies for each priority risk.
Conclusion: The result underscored the feedback loop as a critical factor for FMCG products, as ignoring feedback and failing to adjust the development process can drive the product out of competition. Experts emphasized that risk management and risk monitoring in FMCG should be independent due to the high perishability of these products, where lost opportunities lead to irreparable losses, making speed crucial in risk management. This work must lead to the desired outcomes by developing data collection and analysis systems for these products' risks.
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