New Manufacturing Survey Identifies “Capabilities Gap” for Companies Striving for Productivity and Innovation
(NASDAQ: PTC) In a new industry survey of nearly 1,000 product development professionals from around the world, 80% of manufacturing companies surveyed say they need to minimize the time their engineering teams spend on non-design related activities, such as data management and administrative tasks. The State of Product Development & Hardware Design 2020 report explores the unprecedented challenges facing product development teams during the coronavirus pandemic and identifies significant opportunities for improvement.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200910005995/en/
Commissioned by PTC's Onshape offering, The State of Product Development & Hardware Design, addresses the biggest challenges facing today's design & manufacturing teams. (Graphic: Business Wire)
The independent industry survey, commissioned on behalf of PTC’s Onshape®Software as a Service (SaaS) product development platform, concludes that manufacturing companies risk missing strategic goals due to cumbersome processes and outdated design tools/technologies that are not suited for a flexible and remote workforce. In the vast majority of the 15 product development categories asked about in the survey, companies reported a disconnect between what they believe are capabilities that are critical for driving productivity/innovation and their actual performance in each of these areas.
“This report offers a fascinating look at companies’ self-reported strengths and weaknesses in the product development process,” says Jon Hirschtick, Executive Vice President and President of SaaS, PTC. “The capabilities gap between where engineering teams say they want to be and where they believe they are right now is a reminder that successful companies have to be hyper-agile. The need to constantly re-evaluate existing tools and processes is especially vital to not just surviving but thriving during unpredictable times.”
Notable product development capability gaps reported in the survey include:
- Minimizing time spent on non-design related activities and overhead (82% of respondents rated as critical for success – 41% rated their current capabilities as good or excellent)
- Ability to monitor activity/progress at any stage in the design process without meetings, emails or calls (77% rated as critical for success – 43% rated their current capabilities as good or excellent)
- Satisfaction with simulation tools (75% rated as critical for success – 43% rated their current capabilities as good or excellent)
- Satisfaction with PDM or PLM tools (69% rated as critical for success – 40% rated their current capabilities as good or excellent)
The report also explores companies’ top priorities for improvement in the product development process, as well as the obstacles blocking these goals. The most urgent priorities include resolving version control issues, increasing earlier communication and collaboration across the company, and making computer-aided design (CAD) data less siloed and more available throughout the design process.
Amid extended work-from-home policies due to the COVID-19 pandemic, the report concludes that cloud-based productivity tools give companies more confidence in their ability to support remote work. Of companies that score themselves highest in productivity, 87% state they are now able to effectively support work from home. With a cloud-based CAD and data management platform, companies can drive earlier collaboration and boost productivity and innovation.
To read a full copy of the report, please visit https://Onshape.com.
About PTC (NASDAQ: PTC)
PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don’t just imagine a better world, we enable it.
PTC, Onshape, and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Luxembourg to Start Real Life Testing of an International Standard for a Digital Circularity Fingerprint for Products27.11.2020 12:00:00 CET | Press release
The Ministry of the Economy of Luxembourg just launched phase two of the development of an international standard. It provides information on the circularity of products to all stakeholders involved along their value chains. A first viable version of the standard is being tested in real life, allowing to identify the most suitable governance model, the audit scheme and reliable IT systems for its management. Luxembourg started the Circularity Dataset Initiative in 2018 to address the difficulty for industry and consumers to access reliable data on the circular properties of a product. A lot of circularity information is missing, as its generation and handling requires too many human and financial resources. Furthermore, trade secrets are hindering transparency and reporting standards are lacking, forcing manufacturers to send out different data sets in diverse formats to customers and product platforms. To tackle these challenges, the Luxembourg government is working with multinational
Chengdu Continues to Enhance Trade Links and Cultural Exchanges to Expand Circle of Friends Around the World27.11.2020 10:24:00 CET | Press release
The Chengdu-Europe railway line spans over 10,000 kilometers across countless rivers and mountains, transporting goods to vast numbers of people across the Eurasian landmass. With increased trade, cultural links between Chengdu and Europe are also growing stronger. Against this backdrop, Chengdu-Eurasia National Pavilion Cluster (CENPC) has emerged in the Qingbaijiang District of Chengdu to further promote trade and cultural exchanges. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201127005270/en/ Head of CENPC’s pavilion for France and the Netherlands Xu Dandan at work (Photo: Business Wire) CENPC is an important platform for trade exhibition and cultural exchange between countries along the Belt and Road. With trade promotion as a foundation, the project, which is expected to feature over 40 national pavilions, aims to deepen Sichuan’s global cooperation in fields such as culture, talent, education, and science and techno
Chengdu-Europe Railway Adds Momentum to Chengdu's Rise as an International Hub, Leading to Closer Cooperation Between Chengdu and Tilburg27.11.2020 10:14:00 CET | Press release
Chengdu in China's Sichuan Province and Tilburg in The Netherlands, the two cities at the opposite ends of the Eurasian landmass, are now closely connected via an intercontinental railway that spans nearly 11,000 kilometers. In a recent interview with Xinhuanet, Roland Verbraak, general manager of GVT Group of Logistics - the Dutch partner of the Chengdu-Europe Railway, praised: "Not only are our relationships with Chinese partners getting closer, but the two cities of Chengdu and Tilburg have also become sister cities. Chengdu's international development is progressing well at a rapid pace." This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201127005267/en/ Roland Verbraak, general manager of GVT Group of Logistics (Photo: Business Wire) Goods shuttling along the Chengdu-Europe Railway line have not only spurred economic growth in China and The Netherlands but also deepened links between Chengdu and places along the route, add
REPLY: Reply enters into eSports27.11.2020 09:00:00 CET | Press release
Reply, on the eve of Milan Games Week, announces its entry into eSports in collaboration with Totem eSports, a project born in 2019 that spent the year battling its way through the most competitive titles of the main ESL circuits, which for the 2021 season will be renamed Reply Totem eSports. The Reply Totem eSports team, thanks to the experience gained by its young talents at national and international level, will compete in the next season in the ESL EVC circuits on the mobile titles including Clash Royale, Brawl Stars and on a series of other titles, ranging from sports such as FIFA to FPS and strategic cards. Reply's entry into eSports is part of a wider range of initiatives aimed at supporting young technology enthusiasts. With this collaboration, Reply, which already operates in the gaming sector with Game Studio and B2B initiatives, enters a market in continuous growth, that symbolizes the impact of digitalization in all sectors. Filippo Rizzante, Reply's CTO, commented: "The eS
Vertex Announces European Commission Approval for SYMKEVI ® (tezacaftor/ivacaftor) With KALYDECO ® (ivacaftor) for Eligible Children With Cystic Fibrosis Ages 6-11 Years27.11.2020 09:00:00 CET | Press release
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that the European Commission has granted approval of the label extension for SYMKEVI® (tezacaftor/ivacaftor) with KALYDECO® (ivacaftor), to include the treatment of cystic fibrosis (CF) in patients ages 6 years and older who have two copies of the F508del mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene or one copy of the F508del mutation and one copy of one of 14 mutations in the CFTR gene that result in residual CFTR activity: P67L, R117C, L206W, R352Q, A455E, D579G, 711+3A→G, S945L, S977F, R1070W, D1152H, 2789+5G→A, 3272-26A→G, and 3849+10kbC→T. “With this approval, children with CF in Europe ages 6 to 11 years with the most common mutation, F508del, have a new treatment option and children with certain residual function mutations will, for the first time, have a treatment option available that addresses the underlying cause of their CF,” said Reshma Kewalramani, M.D., Chief Executive O
Thales to Deliver the World’s First Fully Integrated Unmanned Mine Countermeasures System for the Royal Navy and French “Marine Nationale”26.11.2020 20:55:00 CET | Press release
Following the first phase of the program in which two demonstrators have successfully proven their operational performances at sea, France and the United Kingdom marked the tenth anniversary of the Lancaster House treaties by signing a joint contract for Thales to start the production phase of MMCM to deliver eight unmanned mine hunting systems (four for France and four for the United Kingdom). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201126005783/en/ MMCM system at sea ©Thales With the threat of mines and improvised explosive devices present in all conflicts involving naval forces, countries need to strengthen the protection of their maritime domain, to ensure the protection of their assets and to safeguard the freedom of civil navigation. At the same time, it is essential to limit human exposure to mines. With 50 years of expertise serving navies around the world, Thales develops technologies that enable the transiti