industry 4.0 Issue no 2 - JULY 2018 2. I oT Products Transforming Design Practices The market is clamoring for smart, connected products: whether it’s an Amazon Echo, a Nest Thermostat, or a Fitbit. In order to sufficiently meet the expectations of customers, manufacturers need to transform their product development process to understand and leverage data from products in the field. Noting product information on a CAD drawing is no longer going to cut it as products become more complex. Manufacturers will need to become more organized with their product development process. Having a comprehensive PLM system provides a strong foundation to taking full advantage of IoT capabilities. By consolidating all product information into a single-view digital product definition, organizations can ensure that stakeholders are all accessing the most accurate, up-to-date product information. With a PLM system, all information is streamlined into a single easy-to-read Bill of Materials (BOM) list format.
3. Digitalization Product data is an organization’s most valuable asset. With products gathering data from the field, this data is becoming more valuable every day. However, many organizations continue to keep it locked away with engineering and manufacturing. Product data can be leveraged throughout the enterprise: whether it is how the marketing team promotes the product or how the sales team sells it. By digitizing the product development process, stakeholders throughout the organization will be able to easily access product information. For example, if a manufacturer just merged with or acquired another company, digitizing the product development process and making product information accessible to all stakeholders ensures that there’s no infrastructure disparity between organizations. Digitalization also ensures compliance of industry standards throughout the product lifecycle. This is especially key for highly regulated industries such as the medical device or automotive field. Being able to pinpoint the root cause of issues and track changes throughout the lifecycle ensures that manufacturers are able to successfully meet industry standards.
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