Accenture Report Details How New Technologies Are Enabling Industrial Companies to Bring Products to Market Faster
Report introduces idea of “Speedsters” — firms which have excelled at compressing time to market
NEW YORK; Sept. 8, 2022 – A brand new report from Accenture (NYSE: ACN) particulars how new applied sciences are serving to industrial enterprises compress the time it takes to design, develop and ship merchandise to prospects, also referred to as “speed to market.”
The report, “Industrial Speedsters: How advanced technologies can turbocharge your speed to market,” is predicated on a survey of 1,200 executives within the industrial and electrical gear, heavy gear, industrial provider and shopper durables sectors throughout 13 international locations. As a part of the analysis, Accenture examined three processes of the time-to-market cycle:
- Idea to Product — which incorporates concept technology, idea planning and prototyping, testing, design validation and requirement growth to put together for the beginning of manufacturing;
- Plan to Produce — comprising manufacturing planning, manufacturing scheduling and manufacturing execution (a.ok.a. manufacturing operations);
- Demand to Deliver — which incorporates demand and gross sales planning, order consumption and scheduling, closing distribution, and set up/commissioning on the buyer/consumer website.
Accenture recognized firms that had the shortest processes inside every of the three processes, then analyzed which had leveraged superior applied sciences — together with machine studying and different synthetic intelligence (AI) applied sciences, cloud, digital twins, and high-performance computing, amongst others — to scale back time and prices.
Accenture then broke the businesses into three classes: Those that lowered time and elevated efficiencies essentially the most have been labeled “Speedsters” (14% of firms); people who lowered time and elevated effectivity the least — accounting for almost two-thirds (63%) of firms — have been labeled “Starters;” and people within the center have been labeled “Accelerators” (23% of firms).
The analysis discovered that Speedsters achieved better time and price reductions due to a considerably larger know-how leverage in all three speed-to-market processes. For occasion, by way of using machine studying, Speedsters achieved time and price financial savings greater than seven and 12 instances that, respectively, of Starters. For occasion, Speedsters that used Machine Learning have been seven instances quicker and 12 instances cheaper than the Starters. The use of automated guided autos enabled Speedsters to obtain time financial savings 4 instances that of Starters — and price financial savings roughly 30 instances that of Starters. Speedsters that used automated guided autos have been 4 instances as quick and 30 instances as cost-effective because the Starters.
Just as vital, the analysis discovered that Speedsters outperform each Starters and Accelerators by way of monetary efficiency. For occasion, for the five-year interval from 2016-2021, Speedsters achieved 4 % larger annual development than Accelerators and 18% larger than that of Starters. Speedsters additionally achieved on common, larger working margins than each Starters and Accelerators.
“A company’s ability to produce and deliver more goods in less time and at lower cost is a key competitive advantage,“ said Thomas Rinn, who leads Accenture’s Industrial practice globally. “Our research shows that advanced technologies such as AI, cloud, digital twins and high-performance computing play a critical role in enabling this.”
The report makes a number of notable suggestions for a way firms can most successfully make the most of superior applied sciences in every of the three levels. These embody:
- Idea to Product. Companies ought to use suggestions and utilization knowledge from digital product twins, in addition to knowledge from IoT alongside the lifecycle of related merchandise, to enhance merchandise, software program and companies. Additive manufacturing and 3D printing can speed up producing bodily prototypes primarily based on their digital engineering efforts. In the close to future, they need to reap the benefits of cloud-based high-performance computing (HPC) and quantum computing to assist simulations.
- Plan to Produce. To deal with the challenges on this space, firms ought to use simulation and digital commissioning instruments to allow product engineering to work concurrently with manufacturing engineering. They also needs to create an overarching digital twin of manufacturing processes that may assist them to simulate and optimize operations for total gear effectiveness, yield and effectivity on an ongoing foundation. Looking additional forward, they might leverage AI for predictive provide chain and manufacturing administration; and use prolonged actuality and the commercial metaverse to create alternatives for simpler coaching and steering for manufacturing staff.
- Demand to Deliver. Companies ought to deal with integrating manufacturing with the provision chain to create a “digital thread” that allows the seamless stream of knowledge throughout organizations and silos; allows higher distribution, provide chain community optimization in addition to provide chain planning; and opens the door to create a digital twin of merchandise and operations to assist collaboration within the worth chain. In the long run, firms ought to discover AI-enabled, request-for-proposal processing, and using the business metaverse in digital gross sales processes.
For extra data and to obtain a duplicate of the report, please go to www.accenture.com/IndustrialSpeedsters.
About the Research
Accenture surveyed 1,200 executives within the industrial & electrical gear, heavy gear, automotive provide and shopper durables sectors, roughly three-quarters (72%) of whom have been C-level executives. Respondents represented R&D / engineering, manufacturing, provide chain / logistics and IT / digital technique perform. The analysis, performed on-line in December 2021 and January 2022, lined 13 international locations: The United States, Japan, China, the United Kingdom, France, Spain, Finland, Sweden, Norway, Denmark, Italy, Switzerland and Germany.
About Accenture
Accenture is a world skilled companies firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised expertise throughout greater than 40 industries, we provide Strategy and Consulting, Technology and Operations companies and Accenture Song — all powered by the world’s largest community of Advanced Technology and Intelligent Operations facilities. Our 710,000 individuals ship on the promise of know-how and human ingenuity each day, serving purchasers in additional than 120 international locations. We embrace the facility of change to create worth and shared success for our purchasers, individuals, shareholders, companions and communities. Visit us at accenture.com.
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