In the current challenging business environment, companies are being asked by their stakeholders to be operationally efficient and commercialize new products faster, while ensuring increasing profit margins.
Companies are meeting this challenge by focusing on specific core competencies and partnering with other companies for product design, product engineering and product manufacturing. They are also reexamining their product development processes to improve its speed, efficiency and effectiveness. This environment is creating a strong need for sharing of accurate product engineering information both within the enterprise as well as throughout the extended enterprise.
Areas that are of serious concern to companies during the product development process are:
- Tracking of design revisions, product structure changes and synchronization of product information like product specifications, design specifications, analysis results, etc. throughout the NPI process
- Sharing of accurate information with design, engineering and manufacturing partners
- Managing the life cycle of products
- Managing and tracking changes throughout the product life cycle