So-called war rooms to share information can improve the development of new products and save firms millions of pounds, it has been claimed.
Manufacturers must take a closer look at the New Product Introduction (NPI) process or pay the price, an industry expert has claimed.
Gary Turner of PricewaterhouseCoopers in the Midlands, said: "Many manufacturers in the UK are not adopting the most effective methods of developing and introducing new products to their markets.
"As much as 25 per cent of NPI investment is currently being wasted resulting in products being brought to market that require further development, with high levels of scrapped and redundant stock likely to follow.
"For companies operating in sectors that require high volume sales to see significant returns, an efficient NPI process is especially crucial.
"We have worked with a company with a turnover of around £ 40 million that incurred a loss of £14 million through poor NPI processes.
"Adopting new methodologies to improve NPI efficiency is therefore essential."
Mr Turner said a key way to develop new products was through better sharing of information.
He said: "A key factor in the successful implementation of NPI is creating a shared data environment where all parties involved in the development of a new product have instant, simultaneous access to the latest information.
"Shared data environments can be both physical, by creating a 'war room' at a location where researchers, designers, engineers and financial controllers all have regular access, or an internet-based facility which removes the geographical restrictions," he added.
"An online environment is particularly useful in today's globalised economy where manufacturers may be working with designers and engineers across different continents.
"All parties are able to see real time developments in NPI, dramatically reducing the risk of further work being required later in the product's lifecycle."
Companies such as Honda and Dyson have both developed a reputation for bringing successful new products to market in good time, placing an emphasis on having a thorough understanding of the market and its needs.