Product Development

A global industrial technology company and a leading manufacturer of CNC machine tools. Our client has 12 wholly-owned subsidiaries worldwide and is listed on NASDAQ. With over 35 years of experience, our client has a wide range of machine tools.

Problem Statement

The company’s existing product development approach was rigid, siloed, and overly focused on internal capabilities rather than market demands. New product launches were often delayed, and the resulting offerings failed to resonate with customers. The leadership recognized the need for a more agile, customer-centric product development strategy.

Our Solution

  • Generative AI (GenAI): The company employed GenAI to generate product concepts, designs, and marketing content based on customer insights and market trends. This accelerated the ideation process and ensured alignment with customer preferences.
  • Retrieval Augmented Generation (RAG): RAG was used to augment the company’s product data with relevant external information, such as industry benchmarks, competitor analysis, and market forecasts. This provided the product development teams with a more comprehensive view of the market landscape
  • PLM software usage: The manufacturer leveraged advanced digital tools and analytics to streamline the entire product lifecycle, from ideation to launch. This included product lifecycle management (PLM) software, simulation tools, and data-driven decision-making.

Business Benefits

  • Reduced Time-to-Market: The company was able to cut the average product development cycle time by 28%, enabling them to respond more quickly to market changes.
  • Improved Customer Satisfaction: Customer satisfaction scores increased by 22% as the new products better met their needs and expectations.
  • Enhanced Innovation: The company’s pipeline of innovative products grew by 35%, as the agile, customer-centric approach fostered a culture of creativity and risk-taking.
  • Operational Efficiency: The digital tools and cross-functional collaboration led to a 19% reduction in product development costs and a 15% improvement in manufacturing productivity.
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