Tech-Clarity’s How to Futureproof Your Product Design: 5 Technologies Your CAD Tool Must Support describes the key technologies that will impact design in the 2020s. Based on a survey of over 200 manufacturers, respondents identified the top technologies that will change how they design products. This report describes how these technologies will impact design and how a CAD tool should help you.
Please enjoy the summary* below.
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Is Your CAD Tool Ready for the 2020s?
Which Technologies Will Make Your Products More Competitive?
As you look to stay relevant in the 2020s, which technologies will have the most impact on your product competitiveness? What are your competitors doing? What should you look for in design tools to make it easier to incorporate new technology into your products? Are there other capabilities your company should have to ensure it stays competitive through the 2020s? Tech-Clarity research shows that in the next decade companies will frequently rely on new technology to increase innovation. To support new technology, an overwhelming 99% of companies agree that software tools will help, but which ones will have the most impact?
This research study, based on a survey of over 200 manufacturers, examines how companies plan to stay competitive in the 2020s. It also identifies the top technologies that Top Performing companies plan to incorporate into their products and development processes. Finally, it looks at how to get the most out of existing engineering teams and manage the resulting complexity.
How Will You Stay Competitive in the 2020s?
The Pace of Innovation Has Accelerated
As companies plan for the 2020s, there is even more to consider than before. Many new technologies have created opportunities for innovation, making it an exciting time for product developers. In fact, Tech-Clarity research finds that 83% of Top Performing companies rate new technology as very or extremely important to their innovation goals. As such, companies will need the right design processes and tools to help them take advantage of the latest technology.
Those who ignore the latest trends are at risk of not surviving. For example, just over half of the companies that were on the Fortune 500 in 2000 have already disappeared. That failure rate will only accelerate. In addition, a study conducted by Innosight projects that nearly 50% of the current S&P 500 will be replaced over the next decade. Decreasing corporate lifespans can be attributed in part to disruption from technology, failure to invest in growth areas, and slow responses to disruptive competitors.
The Rules of the Game have Changed
These startling statistics indicate that companies that stay with the status quo, may find themselves at a disadvantage. They risk losing out to those who are strategically planning for their company’s success in the 2020s.
New Technology Will Be a Major Driver of Innovation
Companies must continue to innovate to stay competitive. Tech-Clarity’s research study, Seven Practices to Achieve Great Innovation, finds that if companies do not meet their innovation goals, they will lose both revenue and market share, while profit margins suffer (see graph).
You Will Need the Right Software Tools
While the right strategy around cutting-edge technologies is critical to avoid these negative impacts, you must also empower your teams with proper processes and technology. Consequently, you also need capabilities to manage the resulting complexity. This research reveals what successful companies do to help them succeed and stay ahead of the competition while they prepare for the next decade.
*This summary is an abbreviated version of the eBook and does not contain the full content. A link to download the full eBook is available above.
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