Product category:
PLM and collaboration software
News Release from: Siemens PLM Software
Edited by the Engineeringtalk Editorial
Team on 03 February 2006
Report highlights innovation as a team
sport
A new report from AberdeenGroup points to "best-in-class" companies as being four times more likely to use PLM technology to automate their product development process.
A new report from AberdeenGroup points to "best-in-class" companies as being four times more likely to use PLM technology to automate their product development process The report, "New product development: profiting from innovation", defines best-in-class companies as those whose performance in each of five product development categories falls into the top 25% when compared with their peers
In its new report, Aberdeen cites data from its "Product innovation agenda" benchmark report which concludes that organisations experienced a 19% increase in product revenue; a 15% decrease in product cost; and a 16% decrease in product development cost from improved product innovation, product development, and engineering.
"Best-in-class companies are four times more likely to have PLM-related technology than their poorer performing competitors".
"Automation clearly plays a significant role in helping companies achieve product innovation and product development success", the report states.
"Companies that are better able to meet product development targets, are also more likely to have centralised data and product knowledge than the industry norm".
"In addition, top performers are four times more likely to have integrated data and process automation, with collaboration infrastructures for projects and products".
Aberdeen's report expands on the findings of its "Product innovation agenda" benchmark report which evaluated the product innovation, product development and engineering performance of manufacturers to determine the actions they are taking, business capabilities they are pursuing and technical enablers they are using to contribute to their corporate product strategy.
"Our research reinforces the fact that innovation is a team sport", said Jim Brown, Vice President Global Product Innovation and Engineering, AberdeenGroup.
"New product development (NPD) is a complex, collaborative process that requires co-ordinating the innovation efforts of many to meet a common goal".
"But for those organisations that can effectively implement the processes and technologies necessary to improve their ability to innovate, the business benefits are significant".
UGS' Teamcenter software, the world's most widely used PLM software portfolio and winner of Industryweek's 2005 Technology of the Year Award, is one of the leading products in the new product development introduction process.
The Teamcenter portfolio of digital lifecycle management solutions helps an organisation's business units work together as a team to capture and effectively direct their best ideas into innovative products that can be efficiently brought to market at a desirable price point.
Teamcenter offers capabilities for idea and requirements management, programme and project management, product development and process management.
With these tools for collaborative product planning, development, and launch execution, Teamcenter integrates the activities of disciplines such as engineering, manufacturing, marketing, finance, procurement and sales.
"Teamcenter's ability to enable companies to manage new product development and transform their process of innovation is completely consistent with Aberdeen's new NPD report", said Bill Boswell, Senior Director of Teamcenter Product Marketing, UGS.
"This Aberdeen report contains tangible data that validates and quantifies the business value of leading PLM tools like Teamcenter for orchestrating new product development and introduction processes across organisational functions".
Aberdeen's report, "New product development: profiting from innovation", was sponsored by UGS and can be downloaded at no charge from the UGS website.
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