This research explores the view that the traditional sequential, or pipeline, approach to technology and product development is no longer adequate. The rapid escalation of global competition is demanding dramatic reductions in the time‐to‐market cycle, along with higher quality levels and lower costs. Anecdotal evidence points to concurrent engineering, complemented by early purchasing and supplier involvement, as an approach with tremendous potential in addressing the three key issues of time, quality, and cost. The two most significant features of concurrent engineering are (1) customer focus centering on doing the right things, and (2) cycle time reduction focusing on doing them right the first time.