New Industry Report Spotlights Product Innovation for a New Era – Evolving Products to Platforms in a Changing World
Spearheaded by Cloud PLM leader Arena, the report offers new operating principles of product innovation and practical lessons for product developers to navigate uncertain times and accelerate growth
Foster City, CA – April 8, 2020 – Arena, a leading provider of cloud solutions that enable rapid development of complex products, today unveiled an industry-wide initiative revealing a new product innovation paradigm on evolving products to platforms in a rapidly changing global environment. Drawing upon the lessons learned from product innovators across high-tech electronics and med-tech industries, this paradigm offers new operating principles for product innovation, with practical advice and best practices on how to bolster innovation at any time. From managing supply chain shocks to evolving new models of supply chain cooperation and collaboration, this new industry resource highlights the pervasive move to connected product platforms and connected customer experience. This allows industries to propel forward in an era of mounting complexity, continuous technical advancement, and, most importantly, the current climate, forcing manufacturers to adapt processes on the go.
The need to innovate is critical during times of both stagnation and growth, with 80% of executives seeing innovation as key to gain a competitive edge. Arena and future trends and innovation expert Robert Tucker spoke with leading-edge technology organizations in a range of industries to gather their insights on how companies can continue to innovate and evolve their products into connected platforms in a rapidly changing world. Arena customers who provided their first-hand expertise and proven market traction included Lumicell, Kymeta, AEye, Spinn, Dataspeed, and NEXTracker. Their combined feedback and insights culminated in the new industry report: More Than a Product: Innovation for a New Era.
“The ever-evolving technological advances are driving customer demands for increasingly ‘smart’ and connected products. Along with the proliferation of distributed manufacturing and global supply chains, regulatory burdens, and political, environmental, and economic instability, we’re witnessing heightened levels of complexities for companies bringing new products to market,” says Tucker. “But innovation should not stop. If anything, it is needed now more than ever, especially across medical devices and healthcare industries in general, to help us navigate the new reality and define the next wave of groundbreaking solutions that will enable transformational change.”
“The high-tech and med-tech industries have always been defined by steep competition, which was already putting enormous pressure on product development teams to create and produce complex products ever more quickly. Adept at dealing with the rapid pace of innovation and continuous market challenges, these industry-leading companies can offer key insights on how innovation can help us prompt growth,” says Craig Livingston, CEO, Arena. “By identifying new operating principles of product innovation together, we can help product manufacturers embrace challenges and rethink their processes to not only survive—but thrive.”
As identified in the report, some of the key principles for driving product innovation, sustained business, and customer value are equally true and applicable during times of shifting market conditions and supply chain disruptions, as they are during times of continuous growth. One of the principles highlights that breakthrough innovation stems from the desire to address complex problems when no clear solution is in sight. For example, Lumicell brings together a complex, collaborative supply chain to deliver a life-saving medical device to increase the effectiveness of breast cancer surgery. Another principle points to innovation driven by collaboration among organizations, their supply chain, and their customers. To illustrate, Kymeta creates a turnkey solution that leverages a global satellite network to provide first responders and others with broadband connectivity anywhere in the world. With the power to save lives, such product innovations would not have been possible without the determination of their inventors to solve critical problems reliant on a collaborative platform that maintains a single source of truth.
Arena helps innovative electronic high-tech and medical device companies create products that change the world. The Arena product realization platform unifies product lifecycle (PLM), quality (QMS), and requirements management, allowing every participant throughout the product design and manufacturing process to work together. With Arena, teams accelerate product development and delivery to increase profits. For more information, visit ArenaSolutions.com. Follow us on Twitter and LinkedIn, and share your comments and feedback using #NewEraofInnovation.
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