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Why Delivering Products at the Right Speed is Key to Success

By Joanna Rutter

The modern product lifecycle simply can’t afford to be slow anymore in this new transformational age. An effective engineering team builds products at the speed of their customer’s needs and feedback to gain more market share and empower their team. 

The speed of your customer

Customers expect companies to know their needs completely, across the entire organization, and serve them faster with more unique and enhanced products in order to retain their business. 

According to findings in Salesforce’s 2019 “State of the Connected Customer" report, it’s absolutely crucial for companies to build a single, comprehensive view of their customers, shared across all departments, in order to meet quickly-evolving customer expectations.

“Customers don’t care about your organizational model. Basically, if a customer talks to someone in marketing one day, they expect customer service to know about it — and use that information to help them — the next day.” (Salesforce)

Without a knowledge center for accessing and managing each customer’s unique experience with your product, manufacturers can’t expect to keep up with their customers.

Customers also expect product teams to incorporate their feedback more seamlessly into product development, and don’t have the patience to stick around while they get it right the second time.

Look no further than Samsung’s Galaxy Note 7 recall in 2016. A battery issue due to a manufacturing rush resulted in dangerous combustion once out in the market, harming consumers and Samsung’s reputation. (Some customers even joked about the recall by dressing up as smoking smartphones for Halloween that year.) 

Speed can’t compromise your component quality. You need a system that can incorporate customer feedback to resolve safety and other issues as fast as possible to avert media scrutiny.

The speed of the market

There’s a cloud “arms race” happening in every manufacturing category. According to a 2018 Cloud Computing executive survey from IDG, manufacturing and high-tech are some of the top industries experiencing the greatest pressure from executive management to become 100 percent cloud-based — and fast. 

Cloud-Has-Come-Of-Age

(Image source: Forbes)

Companies who grow their share fastest will not only rise to meet this internal expectation, but gain increased market opportunities and establish market leadership that’s necessary to get ahead. 

The speed of your own team

A product team can’t be successful, or solve problems proactively and creatively, if they’re held back by poor cross-department visibility and a lack of agility in your development cycles. Slow internal approval processes create more bottlenecks on top of existing industry regulations. 

Here are two real stories of companies we’ve watched speed to the front of the pack:

  • On a cloud-based PLM, metal 3D printer Desktop Metal was able to scale from 6 to 60 users in a single year, keeping up with the rapid pace of production their clients demanded while maintaining quality throughout complex processes. “Propel has been great giving us a flexible PLM foundation in the cloud that will scale as our business grows,” said Matt Verminski, VP of Engineering. Read more about their journey into cloud PLM here.
  • Each department at Healthwise, a patient education company, had a slightly different view of their product before moving to the cloud. They needed a platform that gave them a single source of truth for all product data. Moving from spreadsheets to a cloud-based PLM allowed all 275 of their employees to collaborate and produce more efficiently.

As the market changes constantly, you need control and total data visibility to take decisive action and lead your team to success — and get to market faster than your competitors.

PSD-ebook-coverEBOOK | Product Success Delivered
To learn more about how Propel can help you deliver product success and get your products to market faster than before, read our latest eBook here.

Tags: product lifecycle management, product success