Due to the competitive and regulatory pressures, the main objective for manufacturing companies is to make better products, faster. The combination of tough markets, tight budgets, and aggressive new product development targets means that manufacturers need to be able to design and develop products extremely efficiently to get the most out of their engineering efforts.
Traditionally, product attributes data, such as substances, costs, compliance, environment or supply chain information, are managed by different teams and different applications. They are disconnected and rarely updated, leading to increased risk and complexity while creating duplicative work and heavy costs, and slowing down decision making processes. As a result of this poor product insight, innovation is held back and it is more difficult for companies to create well designed and sustainable products.
Research suggests, that designers and engineers waste up to one day per week searching for data that is found only 50% of the time. This results in poorer decisions that take more time to make. And when teams innovate, 30% of R&D spend duplicates research and work previously performed. Even if we allow for a large error margin, those numbers still suggest a lot of room for improvement for product development to be more efficient and more effective. Studies blame product information that is not connected, not shared, sits in siloed applications and does not support collaboration.
In this feasibility study, Makersite aims to review its proposed solution to the problem, compare it to competitive solutions and assess the main customer needs. The feasibility Study includes a technical, commercial and financial plan and will support the viability assessment of our project.
