Patent ID: 8799044

Claim:
A method for improving product effectiveness of a New Product Development (NPD) process by customizing a Product Lifecycle Management (PLM) of an organization via a processor configured to execute program instructions stored in a memory, the method comprising the steps of: diagnosing, via the processor, current status of the organization with respect to one or more product effectiveness parameters, wherein the step of diagnosing the current status of the organization comprising: facilitating one or more users to access a set of questionnaires, the set of questionnaires comprising questions on one or more product effectiveness parameters; receiving responses to the set of questionnaires from one or more users; allocating maturity scores to each product effectiveness parameter based on the responses to the set of questionnaires; computing a Product Effectiveness Index(PEI) based on the maturity scores; and mapping the maturity scores to step charts, the step charts providing a capability assessment of the organization with respect to the maturity scores; generating, via the processor, a set of initiatives for the organization based on the diagnosis; and customizing, via the processor, the PLM using one or more solution accelerators corresponding to one or more initiatives, wherein the step of customizing the PLM using one or more solution accelerators comprises: capturing comprehensive product and customer requirements during a lifecycle stage of the product lifecycle stages; evaluating current net product value (NPV) of the product during the lifecycle stage of the product lifecycle stages based on the captured product requirements; determining deviation in the current NPV based on comparison of the current NPV with a previously stored NPV for the product during the lifecycle stage of the product lifecycle stages; determining a product portfolio plan for the product based on the determined deviation of the product, the product portfolio plan comprising one or more initiatives of modifying the content of product during the lifecycle stage of the product lifecycle stages by: linking the customer requirements to an engineering specification, wherein the engineering specification is linked to product design associated with the PLM, and further wherein the product design is linked to process design associated with the PLM; and modifying the product design and the process design based on the customer requirements.