Identification of Critical Success Factors of Collaborative Product Development

In today′s global market, competition between firms is high, and customers are constantly demanding technically more advanced products. To fulfill the requirements of customers and rapid growth of global market, organizations have to execute further research in the field of product development in order to achieve the desired goal. Collaborative product development (CPD) has emerged as a new way of business which results in high quality, low cost of products with shorter time to market and hence a powerful source of competitive advantages for the success of an organization. Collaborative product development (CPD) may be defined as two or more partners joining complementary resource and experience with mutual aims to find out the desired goals in the form of new improved product. CPD has a current system approach which results in high quality and low cost products within minimum possible time. In this paper, various critical success factors affecting the successful CPD have been identified from the previous literature work. From, extensive literature review, it has been revealed that critical factors like trust, communication, partner selection, leadership, supplier selection, fairness, cooperation, experience, knowledge transfer, group learning etc. affects this collaborative product development (CPD) process.