Mannheim, 22.04.2021

Seven parameters for more cost-effective product development in industry

Cutting-edge technology has become fast-moving and is subject to complex requirements. An interoperable system landscape with comprehensive, clearly structured product data and digitally controlled processes helps you to adapt flexibly to new market conditions. This is because intelligent multi-CAD system and process solutions make integrated systems engineering with a limitless exchange of electronic data and information possible. The reward is shorter project runtimes and lower costs – in other words, higher earnings and increased competitive strength. Does this sound both possible and a good strategy? That's because it is!

At technology companies, numerous areas of expertise contribute to new products and their improvement, both internally and externally through partners and customers. Every project involves numerous rounds of coordination. The amount of time and effort involved can be reduced if your development teams no longer work sequentially and independently of each other but digitally instead, working closely with each other and in parallel to the greatest extent possible. This enables them to recognize a needed change of course early. Product data that has a transparent structure and is logically linked across different domains makes this coordination easier. The amount of time and effort spent on making changes is reduced and sources of error disappear. In addition to a higher level of product and process quality, a digital value-added network also provides the basis for new business models and an expanded range of services.

The specialist departments are well versed in their processes and requirements. It therefore makes sense to launch digitalization here, then expand it and finally link it with the processes in other departments to create an enterprise-wide network.

Conclusion

If, in the future, you want to hold your own in the market, you need to actively and strategically shape your digital transformation. And not only with the aim of improving efficiency at your company but, more importantly, with a view to potential business development. What will count in the near future are data-driven business models with networked products and digital services that are supported by platform economies, artificial intelligence and machine learning. A well-prepared infrastructure facilitates the introduction of these new technologies.

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