Digital transformation isn’t just a high-level concept to debate in a boardroom, it can directly impact your company, your product success and your job security. Researchers at the MIT Sloan School of Management have found that companies who fail to address digital transformation experience 30% lower revenue and 25% lower earnings. And other research shows that digital disruption may wipe out 40% of Fortune 500 firms in the next 10 years. Embracing a digital transformation strategy can help you avoid going the way of the dinosaur.
Lack of customer involvement and transparency can have disastrous results, including 75% lower lifetime revenue, 26% lower profits and 270% higher customer attrition.
To succeed with digital transformation, experts say that companies need to address four key principles:
Addressing these key principles is difficult. Specialized, siloed, internal and outdated systems like legacy PLM, ERP and PIM result in:
That’s why we built Propel. We’re a cloud Product Lifecycle Management (PLM), Product Information Management (PIM) and Quality Management Software (QMS) provider that can propel your digital transformation.
Unlike departmental systems that focus solely on mechanical designs, marketing data or quality issues, Propel looks at the bigger picture of concept to customer – taking a product from a simple idea to commercialization in the marketplace to your customers engaging with your product. We’re the only company that places your customer and product information in one place, so you can understand everything that your customers care about – including requirements, pricing, marketing assets, quality issues and design updates.
“Propel ensures that all our employees can see the latest updates for our customer projects. Unlike traditional PLM systems, which are primarily designed for engineers, Propel makes it easy for everyone to get on board.”
TONY OLIVO, LEAD SYSTEMS ENGINEERREAD CASE STUDY