At the heart of product development success lies customer satisfaction. The customer not only determines the value of a product, they also dictate its level of quality. After all, the customer decides whether a product is desirable or not through their purchasing decisions.
In this expanding global market, customers have many options to choose from. Thus, in order for companies to stay competitive, they must distinguish and differentiate their products. Companies tend to fall behind when they believe the status quo is good enough. To stay in the game, product development must include continuous performance improvement.
According to respondents in a survey conducted by Aberdeen Group, the market now demands a higher level of complexity in their products (40%) that can operate across varied environments (36%). In order to address these demands and compete in an expanding global market with limited development resources (36%), companies must find a way to differentiate themselves (31%).
Successful Design Starts with a Common Process
The success of a product is highly dependent on several factors; alignment to market needs, level of quality, delivery time-to-market, and cost. The issue that companies struggle with is in delivering on these objectives while maintaining profitability.
Best-in-Class companies have turned to improving productivity at the individual level (57%) through streamlining the design process and its corresponding tools. In many companies, product design is a fragmented and disjointed process, making the ability to coordinate and manage their overall development extremely difficult. Best-in-Class understand the importance of finding a common design solution, as they are 19% more likely to implement a company-wide solution with documented best practices.
Best-in-Class companies keep their engineers focused on innovation to bring the next great product to market. They do so by eliminating time-wasting measures and redundant processes. And the actions of the Best-in-Class call for reusing existing designs, incorporating simulation early in the design process, and making simulation accessible to both experts and newer users in order to validate designs.
For more of our findings on this subject, please read the full report.