According to the ASCM, one of the challenges of the product life cycle is the shrinking time span between the introduction and decline stages, due to the rapid changes in technology, customer preferences, and competition1.To cope with this challenge, the ASCM recommends that companies adopt a strategy of accelerating the speed to market, which means reducing the time it takes to develop, launch, and deliver new products to customers1.By doing so, companies can gain a competitive advantage, increase customer satisfaction, and capture more market share before the product becomes obsolete1. Some of the ways to accelerate the speed to market are:

Implementing agile and lean product development methods1

Collaborating with suppliers, customers, and other stakeholders in the product design and launch process1

Using digital technologies and platforms to enable faster and more efficient product testing, validation, and feedback1

Optimizing the supply chain network and logistics to ensure timely and reliable product delivery1