Reduce Product Development Costs

Driving Organizational Value Means More Efficiently Managing Your Processes and People

Reduce Product Development Costs - Challenges

Challenges

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.


Reduce Product Development Costs - Impact

Impact

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.
Ingersol Rand

What’s Possible

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:

Management

 

  • Program and Portfolio Management: Drive innovation, optimize collective value, manage risk and make trade-off decisions across a set of programs while ensuring alignment with strategic objectives.
  • Project Management: Plan, execute, monitor and control complex development efforts and dependencies spread across globally distributed project, product and technology teams.
  • Quality and Reliability Management: Conduct systematic planning, prediction and simulation to ensure designs meet reliability and lifecycle cost targets.
  • Change and Configuration Management: Evolve products in an orderly fashion, from concept through retirement.

Supply Chain and Manufacturing

 

Hardware and Software Engineering

 

  • Concept Development: Define alternate product concepts, investigate feasibility and select the best candidates.
  • System Architecture Design: Develop the functional and physical architecture, model of the product, associated specifications and derived requirements.
  • Detailed Development: Define the product design completely, such that it meets requirements and is sufficiently documented for manufacturing.
  • Verification and Validation: Ensure that designs meet performance requirements and are verified through digital or physical means, progressing from components to assemblies, systems and products.
  • Variant Design and Generation: Define and manage multiple product configurations to satisfy customer-, region- and market-specific needs and accommodate design alternatives and improvements.

Sales and Service

 

  • Application Engineering: Respond to a customer’s request for proposal, pricing or information by collaboratively creating a timely, accurate and competitive formal response.
  • Requirements Definition and Management: Translate the voices of customers into prioritized requirements, targets and constraints while establishing bidirectional traceability between requirements, analysis documentation, product designs, BOMs and verification data.

Learn more about reducing your product development costs   

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PTC Solutions

PTC offers a comprehensive portfolio of solutions to help manufacturers reduce product development costs. To learn more, select any of the solutions below: