Digital Engineering: The new growth engine for discrete manufacturing
Digital Engineering is changing the manufacturing environment.
Product-based business models are being disrupted by service-based business models. New skills are needed in a world of smart products, and the success of innovation depends on the effectiveness of an open ecosystem in the company.This research examines how manufacturers are balancing two priorities: using digital to bring legacy products to market faster while investing in new smart products to capitalize on the opportunity to derive revenue from services.
Research and development have the highest priority in Digital Engineering-
R&D is essential for the innovation process. It is an investment in technology and future capabilities that allows us to develop new products, processes, and services to boost the success of your company. With around 1000 research and development engineers, we are able to push the limits of innovation, to strengthen the comparative advantages of our clients and allow us to do more with less in the future.
In few manufacturing companies, they use a series of simulation tools: electrical, mechanical and thermal simulation, 3D E CAD and M-CAD. These tools reduce the development time of new products, help create more complete designs and guarantee the highest quality of your converters.
The key findings are:
- Estimated global market size of connected products will be $ 519,000 to $ 685,000 million by 2020.
- To capitalize on new opportunities, manufacturers must add non-physical skills (such as data and software skills) to their traditional skills base.
- At the same time, they should renew current approaches to innovation and development of legacy products, using a consistent source of information throughout the entire product life cycle, from engineering to manufacturing and services.
- However, few companies have significant progress in transforming their approach to engineering and innovation. Lagging organizations face multiple challenges: there is little 'digital continuity' and data shared throughout the product life cycle, they do not use digital technologies properly, there is no effective use of their ecosystem of allies, and they do not have staff with the new skills needed.
We have identified a group of companies that successfully transformed their product and engineering innovation. They demonstrate a group of characteristics that represent best practices: they have a concrete vision and digital action plan, make better use of their ecosystem of allies, invest more in digital technologies, recruit talent with digital skills, and create a culture of experimentation and agility.
