Empowering Knowledge-Driven Product Development
For centuries, breakthroughs in innovation have relied on breakthroughs in collecting, analyzing and leveraging past knowledge and expertise.
Businesses today are amassing mountains of customer, product, market, and other data. With the amount of information that companies hold increasing exponentially, connecting the right people to the right information at the right time is a growing challenge. Get it right, and it can be a real source of competitive advantage.
Knowledge Nirvana: Relevant knowledge, when you need it.
For product and process engineers and other technical professionals, the need for information and insights to support decision-making is critical. Studies show that up to half of all product development decisions are based on inadequate information and, according to IDC Insights, 60 percent of organizations believe their current systems fail to support innovation decision-making.
With the right decision-engine platform and access to broad, rich technical content, engineers and other knowledge workers can rapidly access and digest relevant knowledge:
- Tap internal knowledge and past experience.
Minimize rework and redundancy by leveraging legacy product design, best practices, and lessons learned documented in corporate knowledge documented in personal and corporate drives, in email, field reports, customer service records, PLM and PDM systems and more.
- Connect with Experts (inside and outside your organization).
Augment brainstorming and ideation sessions by automating the identification of subject matter experts and bringing in the collective experience and ideas of relevant domain experts from within and outside the enterprise - across teams, divisions, industries, and even across language barriers.
- Stay in front of the latest industry, technology, market & competitive trends.
Critical to innovating “what’s next” is a company’s ability to see beyond current markets and technologies. In today’s hypercompetitive environment and rapid-changing technology landscape, innovation practitioners need to quickly assess the playing field, understand the evolution of technologies, understand changing regulatory requirements, and recognize emerging opportunities.
- Understand customers’ wants and needs.
Harness Social Media for substantive Voice of Customer feedback to qualitatively drive product direction.
Just as companies have automated other business processes such as Product Lifecycle Management (PLM), Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) in order to streamline processes and drive new efficiencies, companies must now look to better inform product development decision-making.
Beyond increasing productivity and reducing costs, companies that knowledge-enable innovation and knowledge workers – connecting them to the experts, insights, trends and know-how they need in order to bring about new and improved products – realize accelerated top-line growth and significant competitive advantage.
Join us July 31st to learn how hundreds of companies across the globe and across every industry are using Goldfire, the optimal decision engine, from Invention Machine (recently acquired by IHS) to power knowledge-driven product development decisions.