Digitalization of New Product Development
By Chad Kymal, CTO, Omnex Inc. and Antony John, VP Omnex Systems Inc.
Today’s New Product Development (NPD) projects are mechatronic with a tremendous amount of electronics and software. In fact, data shows that 20-50% of warranty issues in vehicles include software as a root cause and this could be extended to similar complex systems. Today’s NPD digitalization efforts often include software, hardware, and global product development teams in implementations.
Digitalization makes every field of data available for analysis whether inside the company or in the supply chain. With a tremendous amount of data available in the digitalization process, Business Intelligence, and analytics play a key role in utilizing that information.
A Virtual Collaborative New Product Development Platform with digitalization will empower product teams to demonstrate higher levels of innovation and speed to market than that of conventional methods like e-mails, spreadsheets, and silo software. These configurable platforms, when available out-of-the-box, helps product development teams to get immediate benefits and shorter ROI.