Riding The Wave of Competition Through Effective Product Engineering
With the rise in the extensive usage of IoT (Internet of things), the speed of business on the whole has increased. There has been a paradigm shift in consumer behavior, as they are better informed about the markets and products. The news of any new version upgrade, reaches the prospective customer in no time. This leaves very little room for complacency from an organization’s innovation point of view. The only way an organization can stay afloat in this sea of competition is through innovation or product engineering. Product engineering is basically the method of re-designing a product, keeping in mind its cost impact, producibility, and quality. If properly carried out, product engineering will surely enhance the performance and reliability of the product.
Manufacturers around the world today are adopting the best practices to manufacturing like lean system. It is a process engineering, which aims to drive out the waste activities from the main process. It increases the productivity of the process which is then reflected in the product. With the addition of newer and capable market players every day, extracting profit is a tough task for organizations. To perform in these tumultuous markets, organizations need to have smart product engineering solutions, through which they can deliver quality product to customers, with lesser cost. Therefore, it becomes extremely difficult for the R&D department to find newer solutions, which are workable in real life scenarios. This is where a good technology partner comes into play, as the same helps the company to choose, the best process and product characteristics.
Product engineering can be conceptualized into eight phrases, which starts from product ideation. This is the phase in which the development team incorporates a vision about the product to be made. If a product already exists and it needs to be upgraded, then the final product is conceptualized. This lets itself to the next phase of Product architecture and design, in which the intrinsic characteristics and technical parameters are being thought off. If the product in question is an electro mechanical one, then all its elements and circuit diagrams are integrated in this phase. For software products, the source codes are written, which intends to do the final task. One of the main elements of the product are assembled then comes the phase of product testing. This is basically a trial run of the product, which ensures everything is according to the blue print.
The end of the testing phase is market by the stage of product commission, or migration in case of software. Then comes the stage of technical support or post installation hand holding phase. The above steps are easier said than done, when it comes to real life scenarios. Therefore, organizations must choose the right technology partner and work out a good agreement with them. However, teams from both sides should be able to define a yield roadmap and path to product fulfillment. They must be able to do real time feasibility analysis and submit a detailed report to the top management, which should also contain the cost implications of each stage. It should be kept in mind at all stages, that the R&D cost should not be any higher, than the targeted market price per unit.
Product engineering is largely based on the latest market trend and customer expectation. Therefore, organizations must have a mechanism to capture market sentiments and quantify them in terms of numbers. There has to be teams who are responsible to bridge the gap between the R&D and market. Previously, it was thought off that to offer better quality product to customers, product costing needs to be on the higher side. The same has been proved wrong, by the latest theories of production management. It is now an established fact that the better quality product, takes lesser cost to manufacture. This is what good product engineering is, which drives out the waste process and incorporates only the value added process or items to bring the cost down. Organization must aim to bring about transformational change in consumers’ life with their product. If this is met then, the companies brand value increases, which bring in more business and adds to the growth story.