A bit of context
This "New Service Development Process" also called sometimes "New Service Development Cycle" comes from Johnson et al, 2000.
What I like about it
Shows the different mixes: the center of the diagram shows well that are different ingredients that are needed to make this process work
Personnel training: in the developpement phase it shows that "Personnel training" is one of the key steps to be able to build and test the new service experience.
Design with objective: the design phase starts with the formulation of objectives.
Go deeper
I found the picture of this process on this ResearchGate page. Which quotes a conference paper called "Are Traditional NPD processes relevant to IoT product and service development activities; a critical examination"