Five Easy Pieces for Product Developers

1. Make sure that you are working on the right things

Gain deep understanding of customer needs
How can you save your customer time and/or money more effectively than your competitors
Visit your customers, visit competitors customers, watch customers using your products...
Don't be afraid to keep probing... Keep asking "Why?"
Keep an eye out for potential lead users...that nutjob in Waltham may be on to something.
Use the right "research" tool for the customer insight that you are seeking
Make more informed design trade-off decisions

One size doesn't fit all -- match the process to the project
Look for the backlogs in your development process
Are there any proverbial "black holes" that repeatedly delay projects because they are overburdened and understaffed
Look for ways to speed up feedback from important stakeholders (use quick and dirty prototypes to communicate ideas)
Conduct tests early, especially on the higher risk elements of the design/product (capture results for future use)
Don't understaff development projects - if a project is worth doing give it sufficient resources
If you really want speed, co-locate development teams if at all possible -- even bring in suppliers
Build in a predictable patterns and pacing for reviews, check-ins and problem solving

Recognize that you might be able to find solutions to R&D challenges from outside your organization
Similar technical challenges may have been solved in another industry (this a great win/win scenario)
There are numerous technologies developed by universities, start-ups, individuals as well as the government that are looking for commercial application
Understand that finding solutions outside your organization takes time and effort
Don't let "Not Invented Here" syndrome squash efforts to look outside when it makes good business sense

Understand the complex set of interdependent activities required to deliver the product/service to your customer
Map the bi-directional interfaces (both internal/external) that occur in order for a customer to purchase your product (count the transactions, measure how long the transactions take). Look for signs of systemic stress (long delays, firefighting, "undocumented" work arounds).
Look at the information transfers (how many times is data passed back and forth)
Design "robust" interfaces with sufficient tolerance for variability

Seek metrics that optimize performance across the total business system (avoid sub-optimization)
Make sure that the metrics are visible
Make sure that metrics inform/empower good overall decision-making