Consumer products companies must transform to handle dramatic shifts in the market. Globalization, increased regulatory demands, mobile commerce and changes in consumer behavior are driving consumer products companies to redefine speed-to-market and the required agility of supply chains. Companies can no longer manage complexity without a digital business imperative.
Consumers want unique new designs immediately delivered to their door. Companies must be able to have the flexibility to deliver customised products for an individual at the cost of scale while delivering billions of units to the mass market. Companies leading the digitalization are using CAD, AI, machine learning, and blockchain to deliver new intimate consumer experiences.
The pace of innovation in the consumer products industry is constantly rising and driving a need for more flexible and collaborative tools based on best practices for project, program and lifecycle management. Companies expect solutions to connect processes, automate tasks and be intuitive for the broad audience of roles involved in their processes.
When the end-user is at the center of your business, as it is in the Consumer Goods industry, it is crucial to not lose contact with his requirements. Products that can’t perform as advertised or result from misread market demand illustrate the consequences of failing to incorporate requirements into the product development process. In fact, many market opportunities are lost by the inability to identify, capture, manage and implement asset requirements are common. Litigation, severe penalties, and lost market share are some of the costs of not maintaining and validating asset and customer requirements.
Demands on consumer goods manufacturers today include increased regulations, the need for global manufacturing to meet local demands, and competitive pressures that result in reduced margins. Yet even as these challenges increase the complexity of both products and processes, companies must deliver highly reliable, high-quality, environmentally safe, and health-friendly products. To accomplish this, they must move manufacturing process planning and simulation upstream.
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