The stage-gate process is a best-practice tool that companies use when launching new products. It’s a cross-functional enabler that moves the organization from the initial concept phase through feasibility, development and launch.
It ensures that a predetermined set of deliverables at each stage are met before progressing from one phase to the next.
Be aware that the specific details of the stage-gate process will vary from company to company, depending on its business and unique needs. Procurement professionals must be familiar with this process for two reasons:
· If the company already uses this process, procurement should be an important contributor.
Knowing exactly how the various business units depend on one another during each phase consequently makes procurement a more effective participant.
· If the company does not currently use this process, procurement can introduce it as a form of innovation and continuous improvement, bringing significant value beyond its traditional role.