ABERDEEN Group has released its Industry Sector Insight reports on how various industries can improve innovation and profit by focusing on product development efficiency.
The researched looked at key strategic trends, and challenges in each industry, and how improved product development strategies could improve competition.
Across all industries, the report found balancing product performance and streamlining product development processes were significant challenges.
There are increasing pressures to lower product development and lifecycle costs. At the same time, manufacturers are facing shorter market windows and increasing customer cost. This requires streamlining and transforming innovation into formal, repeatable processes.
The automotive industry, for example, is ramping up the use of digital simulation and prototyping of manufacturing processes. These will predict product behaviour virtually to resolve issues before building physical prototype.
According to Siemens www.plm.automation.siemens.com/en_us/industries/index.shtml, automotive companies can boost product lifecycle management investments, and use existing information assets for knowledge capture and reuse to help increase the visibility of engineering decisions.
The high tech sector on the other hand, is more focused on protecting and improving the value of their intellectual properties. By adopting lean and open innovation and reusing information assets, high tech manufacturers can maximise the value of their IP.
In the industrial equipment manufacturing sector, companies are improving knowledge capture and reuse. This is expected to grow, and a third of businesses in this sector are emphasising decreasing lifecycle cost.
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