But even they have more to do.

The product development landscape is changing. Faced with increasing complexity and shrinking time-to-market requirements for smart products, companies are rethinking the way they do business. To remain competitive, their products must be higher quality, perform better, use less power, and draw upon a deeper pool of data. The status quo is no longer enough.

As global macrotrends place additional pressure on production and supply chains, innovation leaders are seizing the opportunity to gain greater insight from their product data—using it to refine their processes and unlock value across the product lifecycle.

To understand how, in May 2022, we surveyed 300 product innovators across 10 industries, including semiconductor, transportation, consumer electronics, and aerospace and defense.

Our research found that those with more advanced product data strategies are seeing better business outcomes. They report higher levels of innovation, employee productivity, manufacturing efficiency, and overall speed to market than those with more limited data strategies—with the expectation that the pace of improvement will pick up.

While most product leaders can see that product-centric digital transformation is needed, some still balk at the cost, time, and risk of implementing change. But they are reaching a point where it is no longer the cost of action, but the cost of inaction, that must be considered. To stay competitive in the fast-moving industries of today, leverage more data and extract deeper insights to be part of this product revolution.

Let's find out why product data strategies are critical and how you can implement one for your organization.