Part of our strategy for the next five to ten years is to transform the way that we conceive of, develop and support products in the marketplace. It's a strategy we call Innovation First. That really focuses on increasing the volume of new ideas that we generate in the organization and increasing their ability to transform those from ideas to products that actually generate revenues and profits in the marketplace. Innovation First includes lots of different components from project management, resource management, to a structured product development process.
But at its core, Innovation First also has to deal with our existing technical data and product data where ever it exists throughout the organization and find a way to bring that data together in a structured way with our subject matter experts, who embody the experience and collective wisdom of the organization. Product lifecycle management is that set of processes and tools which we aim to satisfy that objective. Within product lifecycle management, Windchill is the IT platform on which product lifecycle management operates. It's the operating system for product lifecycle management if you will.
Software can only be part of the overall solution but it has to automate the processes which you define, it has to import the business rules that you define, and it has to support the roles and responsibilities on which the process is based. Windchill allows us to do that in a very flexible and configurable way. And it is enabling us to take that leap beyond what we're capable of doing today and actually achieve that product lifecycle management vision in a shorter period of time.
PTC's collective experience of the space helps us avoid reinventing the wheel and bring the collective wisdom from other clients who have implemented Windchill to allow us to get there faster. We're very excited about having Windchill being the foundation for our product lifecycle management journey, which is an overall component of our Innovation First strategy.