To keep pace with growing customer and market demands, you must continually evolve your products, resulting in increased product complexity. Disconnected tools, disparate data sources and inconsistent processes can inadvertently lead to inefficient engineering methods and inconsistent designs. This lack of visibility into product data diminishes any potential for reuse and may introduce additional errors because of inaccurate data and time-consuming tasks.
Inefficient, inconsistent product development processes and incomplete product definitions can drive up your costs and lead to product delays. The high number of disparate tools further raises your total cost of ownership and can result in fractured processes. Labor and production costs skyrocket and productivity suffers when errors and poor quality have to be addressed. The result: lower operating margins and lost opportunities.
By implementing a Global Product Development solution, Ingersoll Rand was able to reduce its high cost of development in the following ways: saved $4.1M by increasing component part reuse, saved $2.2-$3.4M by decreasing time spent searching, and saved $3.6-$5.6M by reducing change cycle time.
With a consolidated, integrated product development infrastructure, your total cost of ownership is minimized and processes are standardized. Increased visibility into product data minimizes late-stage changes and enables reuse of designs and other engineering IP. A complete digital product definition enables more effective digital prototyping, testing and other downstream activities.
Process Improvement Opportunities
The most successful companies reduce product development costs by transforming one or more of these key processes: