Insights from Product Data Show How Innovators Compete
NI released a report summarizing the findings of recent research into using product-centric data, such as test data, in product development. Hundreds of senior product innovators say that product data is key to staying competitive, yet more than half of the respondents recognize gaps in the way they extract value from their test data. There is also a strong correlation between advanced data strategies and increased degrees of innovation, with two-thirds of respondents believing that a data strategy is essential to optimizing the product lifecycle.
“Companies face a dual challenge of increased product complexity and shrinking time-to-market, causing a shift in the way products are developed. They recognize that the status quo will not work anymore,” said Mike Santori, fellow at NI. “Business performance can improve through connected product data and analytics, and this research provides evidence that test data are a strategic differentiator.”
While many of the engineering vice presidents and heads of R&D recognize the value of data in their product development, over half cited cost as the inhibiting factor preventing the transformation of their production models. The research also pointed to test being an underutilized resource with 38 percent of respondents saying they rarely use test to inform product design and 51 percent recognizing that they could extract more value from their data if they implemented test earlier in their processes.
Additional findings include:
- 52 percent of companies with an integrated company-wide product data strategy experienced faster time-to-market in the last 12 months, compared to 33 percent of companies without this advantage
- 55 percent of product innovators say that integrating test data into the product development process will be a key priority over the next 12 months
- 40 percent identify integrating test data into the product development process among the initiatives that could bring the most value to their business.
The survey was conducted among senior product innovators in 10 industries including semiconductor, transportation, consumer electronics and aerospace and defense. It was produced by FT Longitude, the specialist research and content marketing division of the Financial Times Group.