Benefits of Digitising Your Product Development Process
August 25, 2020
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Digital Transformation has become the underlying trend of almost every industry in today’s contemporary scenario. The quest to take the digital path is reaping huge benefits across sectors. No matter of the scale or size, the digital revolution has impacted each sphere of the global landscape and in a positive way. It won’t be an understatement that in order to have an effective and efficient growth trajectory, digitisation is the only promising way forward.
Digitising your product development process with product lifecycle management or PLM solutions yields benefits across many facets of the overall development cycle. Let’s have a look at some of the most prominent ones.
Incorporating digitisation in the development process keeps the entire team on the same page. Since everyone knows and has clarity about the status of the product, the workflow becomes seamless with quicker decisions and higher efficiency.
Reduce sampling cost and TATs
One of the biggest reasons to digitise your product development process is improved product adoption rates than before. With cohesive testing and improvisation, the sampling time and cost is reduced, which eventually accelerate the turn around time for the product.
Issuing RFQs to multiple vendors simultaneously is now a possibility because of digital product lifecycle management solutions. It results in better price negotiation and reduces the overall costs resulting in higher efficiency and better margins, hence, improved profitability.
Better decision making
Digital Transformation leverages you with data-driven methodologies that empower your decision-making process. Having technology at your disposal reduces your search time for various aspects like vendors, delivery period, quality, load handling capacity, lead times and many more. It also results in quicker and more effective decisions.
Higher product adoption rates
With the advent of digitisation in the product development process, it is now possible to make go/no-go decisions at a very early stage in the development cycle. Challenges with factors like price, lead time, material, time-to-market can be identified and worked out on time.
The changing dynamics have made manufacturers alter their conventional and long-existing product development processes. The biggest reason behind this urge of operational shift is the need to reduce time-to-market.
As per a recent report from KPMG, Time-to-market is the driving force behind business processes becoming increasingly technologically driven. The product lifecycles have accelerated due to digital disruption. From years, the product lifecycles have shrunk to months and even weeks in some cases. Companies are leveraging cutting-edge technology to rank high in the Digital Transformation game, and this calls for an open, customer-oriented and innovative product development methodology.
Hence, it becomes imperative to digitise the product development process in order to adapt and achieve and accelerate your product’s time-to-market quickly.
Up to date with customer expectations
One of the most significant industrial shifts in the consumer base is that today’s new age consumer is empowered and is more aware than before since it has more access to industrial knowledge about the products and the services. It leads to evolving customer experiences and expectations, which if the current trends are to be believed, know no bounds.
The market is hyperactive when it comes to changing, and apart from accepting and adopting Digital Transformation, there is no other feasible way service providers can keep up with the changing customer behaviour. Digitisation empowers firms to innovate and create mindful solutions that are created while keeping with a customer-centric approach.
These were some of the most prominent benefits of digitising your product development process. It is a no-brainer that Digital Transformation is the key to success and sustainability for any product. Digitise your product development process today and have a future-proof product at your disposal.
Gateway Digital is a pioneer when it comes to offering world-class Digital Transformation solutions for global enterprises. Right from Conceptualization to Product Legacy Migration, we cover it all. Contact us at firstname.lastname@example.org for any query and we would ensure that your business sustains and succeeds in this digital age.
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September 2, 2020Infographic
Infographic: Digital Transformation in Product Engineering Services