What product innovators told us
Many organizations are struggling with the pace of change
To stay competitive, they must use product data effectively
57%
of respondents fear their production processes are outdated and cannot keep up with new business and technology trends
65%
of respondents believe a data strategy is essential to optimizing the product lifecycle
But few are seizing the opportunity
46%
say they will lose market share within two years unless they make significant changes to product lifecycle processes
47%
describe their product data strategy as “limited” or “not advanced”
55%
say the cost of transforming their current product lifecycle model is so high that they cannot justify the investment
What product innovators told us
Many organizations are struggling with the pace of change
57%
of respondents fear their production processes are outdated and cannot keep up with new business and technology trends
46%
say they will lose market share within two years unless they make significant changes to product lifecycle processes
To stay competitive, they must use product data effectively
65%
of respondents believe a data strategy is essential to optimizing the product lifecycle
But few are seizing the opportunity
47%
describe their product data strategy as “limited” or “not advanced”
55%
say the cost of transforming their current product lifecycle model is so high that they cannot justify the investment
Is your data strategy advanced or limited?
For the purposes of our report, you have an advanced data strategy if you have corporate-wide infrastructure in place, with good connections between product lifecycle stages. You may already be applying product data and analytics and seeing significant business outcomes.
However, if you are only implementing data management strategies across certain functions, and failing to encompass manufacturing and engineering, you have a limited data strategy. Your product data may be siloed to functional areas and used primarily for reporting.
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