A successful product creation involves a collaborative approach to idea collection from internal and external sources. A central idea repository, ideally a cloud service, helps companies track new product candidates, share ideas, and discover synergies between business units.
Fremont, CA: Engineers play a crucial role in identifying, defining, and specifying new product ideas to maintain a competitive advantage in the manufacturing industry. Successful product creation requires a comprehensive approach involving multiple departments and enterprise processes, requiring close collaboration beyond R&D or Engineering organizations.
Identifying New Product Opportunities
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A successful product creation involves a collaborative approach to idea collection from internal and external sources. A central idea repository, ideally a cloud service, helps companies track new product candidates, share ideas, and discover synergies between business units. A 360-degree product view is crucial for product managers, which requires connecting a Product Lifecycle Management (PLM) system to the enterprise resource planning (ERP) system. Artificial Intelligence (AI) can support innovation and product management by scanning and identifying similar ideas, connecting experts, and identifying synergies between development projects.
Selecting the Best Product Ideas with Portfolio Management
Portfolio management is crucial in innovative companies to select projects that deliver high value and align with corporate strategy. It helps product managers analyze investments, compare costs, risks, and benefits, and generate a ranked list of project ideas. A structured portfolio management process reduces investment risk and results in an effective R&D team. To run an efficient process, companies must define strategic objectives, develop a prioritization framework, evaluate project feasibility, estimate costs and benefits, and check the organization's resource capacity.
Executing and Monitoring Product Development Projects
Portfolio management is crucial for project execution, ensuring agreed-upon timelines, budgets, and resource commitments. However, many organizations manage portfolio management through an isolated IT solution, increasing the risk of projects deviating from their initial plan. Linking investment cases to operational project plans allows stakeholders to track project execution and understand changes impacting the business case. A systematic link between strategic planning and operational execution reduces manual interactions and automates reporting processes. A global cloud-based project platform facilitates collaboration between project members and stakeholders by providing direct access to project plans, task lists, and status reports. It also allows project managers to track deliverables and progress based on real engineering artifacts.
Design Better with PLM and ERP Together
The manufacturing industry necessitates a comprehensive approach involving research, engineering, and ERP processes like finance, compliance, sustainability, supply chain, and human resource management. Integrating a PLM solution into ERP systems can improve product design efficiency.
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