Developing a new innovative product or service that gets to market first has never been more important or lucrative. A recent survey by Engineering.com answers why product innovation and design is a top priority in today’s hyper-competitive business landscape and suggests how product development teams can leveraging data-driven technology to meet today’s customer expectations.
Fascinatingly, this survey found that many product design teams lack access to the proper data and tools necessary to fuel their digital transformations. Yet, in Engineering.com’s words,
Because that technology already exists, and Oracle has it, it’s a prime opportunity for leaders in industry to adopt it to get ahead.
What I found most surprising about this report is that many companies have poor data management practices and difficulty interpreting, analyzing, or even utilizing data from external customer feedback, IoT connected products, and directly from social platforms/online reviews. However, Engineering.com says that “A sophisticated system that makes the pooling and interpretation of this data easier would be a major boon to most teams. This reveals an opportunity for product development teams to gain advantages over their competition.” You can read about how access to data fuels innovation and sparks new business models like product-as-a-service (PaaS) here.
The survey results also show that 54% of product development teams lack the necessary technology to be able to trace data as part of the development process. Interestingly enough, many teams are still using spreadsheets and email to track product data which not only has been shown to stall innovation and design, but is also error prone, lacks governance, and doesn’t allow for proper visibility across all stakeholders.
The report sheds light on how today’s top businesses are digitally transforming their product design. To remain competitive, what I believe really matters is having a single integrated/connected solution that not only allows you to pull and pool data from external sources (social and direct feedback) but also integrates directly with other transformative technologies like IoT, Digital Twin, AI, and Machine Learning to deliver new customer experiences. This next-generation platform, which already exists with Oracle PLM Cloud, Oracle SCM Cloud, Oracle ERP Cloud and Oracle CX Cloud, delivers the right data to the right people across the product ecosystem allowing for rapid innovation and development.
For more insights on product development in today’s digital era, read the rest of the survey, “The Digital Transformation of Product Design: How are design teams using and planning for design technology fueled by data?”
Additional related product development and PLM articles and information can be found at oracle.com/PLM or by reading these additional blogs: