All product companies globally are moving towards digitization. The fundamental purpose for product companies to move into digital is to deliver innovative, customer focused solutions to meet the end business purpose. In order to be globally competitive, it is important for businesses to develop and deliver innovative, customer-focused products and services. What’s important here is that this needs to be done at ever shorter intervals. To be on the road of digitization, it’s important to start from basics like purpose, data sources, role of data analysis and intelligence, purpose of digital tool and tools being used at the moment and most important is cyber security.
It’s natural when we start moving towards being digital, it involves several investments and such investment does not guarantees quick turnaround but it gives direction as to how strategically organizations resources can be used. While a company starts moving towards being digital, according to the recent PWC report, with digitization kicking in enterprise efficiencies will certainly increase by 19% over next half a decade. This means on average the time market will also drop by close to 20% and increasing productivity of people by another 20%.
Some advantages of digital product engineering
The advantage which companies can expect while investment in digital product engineering:
The digital product engineering has certainly increased and strengthens the relationship with customer purposes. Customized offerings to help client in accelerating revenue making is the core in digital product engineering. The major challenge is to achieve the end result with available resources with no additional expenses.
In order to ensure successful digital strategy, it’s important to introduce the concept of customer focus right at day 1. Another study conducted by PWC finds out that an introduction of such concept will increase the share of personalized solution offerings in the next five years by over 24%.
The success in the digital journey is heavily dependent on the use of data and AI.
Usage of Data Analytics & Artificial Intelligence
Digital tools have gained significant importance in digital engineering. Such tools include use of Artificial Intelligence and data analytics. Almost 66% of the companies are adapting digital use tools for co-creating products and services. This includes both with internal and or with external partners. Almost 50% of companies use digital technologies for process simulation and the development of digital prototypes.
Role of cyber security
While we talk about digital, it’s extremely important to understand the role of cyber security. Almost 71% of the companies entered into digital engineering do not have a matured process to mitigate cyber threats in data driven development environment. This is according to a recent study published by PWC. The cost implications of cyber attacks take toll on both business financials and client trust. Thus, security must be considered throughout the product development lifecycle and the protection of all data systems. Therefore, security should be layered throughout the product development lifecycle, built from the scratch and not towards conclusion.
Steps to implement cyber security in product development engineering
1. Start from basics or idea stage and keep the process evolve
2. Quality is a journey and not end destination
3. Train employee on data security, cyber threats and business implications
4. Design Experience with future in anticipation, as product will evolve more dynamically than business
5. Product or Data security at every level of development / delivery
So, we can clearly see that digital product engineering is extremely crucial for companies that are planning to go digital. So, do not be left behind! Contact firstname.lastname@example.org to know how we can work together to make your digitization journey successful!