Editing New product development (section)

===Other techniques===
In addition, companies can use [[virtual product development]] to help reduce costs. This process uses collaboration technology to remove the need for co-located teams, which can result in significant cost savings such as a reduction in G&A (general & administrative) overhead costs of consulting firms.{{citation needed|date=April 2025}}

Another way to reduce the cost of new product development is through the use of 24-hour development cycles. This approach allows companies to develop products more quickly and at a lower cost. By using a 24-hour cycle, companies can shorten the time it takes to get a product to market, which can give them a competitive advantage and capability that can be extremely useful in cases where there is a sudden change in market conditions or customer needs.{{citation needed|date=April 2025}}