Role of VSM and Rapid Prototyping in Optimization of R&D Prototyping in SME

Value Stream Mapping (VSM) has been used for decades to increase the efficiency and optimization of a production process but nobody uses this technique to optimize and identify the bottlenecks in a development of R&D prototyping. Prototyping is one of the most significant parts of new product development process. Prototyping is costly and time consuming, it is vastly concerned for a SME company because of their small budget for their R&D. The purpose of this research was to investigate how possibly a company will use a method to improve or advances their new product's development process for their upcoming product line and reduce their time to market. In this research paper, a novel framework has been used to apply Value Stream Mapping to the new products developed by their R&D team. Value Stream Mapping is one of the best tools to map a process and to identify its main criticalities. The proposed approach is based on three iterative steps and integrates Value Stream Mapping with other tools typical of industrial engineering. The essential thought is to execute a preliminary analysis to recognize new 'critical R&D product development path' utilizing the equivocated basic information such as Bill of Material. At that point, enhancements are made thinking about all conceivable offering to other auxiliary ways as possible limitations. As soon as the critical path has been optimized, a new trail may become critical. In this manner, the analysis continues iteratively until the completely optimized The result after implementing VSM as company's new product development by R&D team shows that there were improvement possibilities in time and cost up to 80 and 70 percent respectively.