This IDC Manufacturing Insights report discusses a PLM economic model that emphasizes balancing a company's ability to innovate and create new product concepts and ideas, with the company's ability to leverage and reuse existing knowledge and IP. Technology complexity, operational complexity, and business pressures demand that companies excel in decision making and innovation across the product life cycle. A key part of the solution is to capitalize on reuse — both to drive efficiencies and to accelerate innovation. While traditional reuse strategies can offer many benefits, applying existing IP in new and different ways can also serve as a cost-effective and efficient means of delivering innovative products faster.
"Many manufacturers today fail to leverage the valuable knowledge and IP contained within existing products to serve untapped markets and use cases, and even with the use of emerging technologies, manufacturers fail to effectively combine input from customers, partners, and internal sources to develop more profitable products, more efficiently and cost effectively. A new approach, one that enables manufacturers to make more informed decisions, faster, and that includes considerations from every stage of the product life cycle, is needed." — Amy Rowell, research manager, Product Lifecycle Strategies at IDC Manufacturing Insights.