Aerospace & Defense
Innovation and collaborative, synchronized program management for new programs
Innovation and collaborative, synchronized program management for new programsExplore Industry
Integration of mechanical, software and electronic systems technologies for vehicle systemsExplore Industry
Product innovation through effective management of integrated formulations, packaging and manufacturing processesExplore Industry
New product development leverages data to improve quality and profitability and reduce time-to-market and costsExplore Industry
Supply chain collaboration in design, construction, maintenance and retirement of mission-critical assetsExplore Industry
Integration of manufacturing process planning with design and engineering for today’s machine complexityExplore Industry
Visibility, compliance and accountability for insurance and financial industriesExplore Industry
Shipbuilding innovation to sustainably reduce the cost of developing future fleetsExplore Industry
Siemens PLM Software, a leader in media and telecommunications software, delivers digital solutions for cutting-edge technology supporting complex products in a rapidly changing market.Explore Industry
“Personalized product innovation” through digitalization to meet market demands and reduce costsExplore Industry
Faster time to market, fewer errors for Software DevelopmentExplore Industry
Remove barriers and grow while maintaining your bottom line. We’re democratizing the most robust digital twins for your small and medium businesses.Explore Industry
Successfully managing change through integrated manufacturing operations management
How would you rate your Medical Device company’s ability to assess the financial impact of product changes?
In a recent survey conducted by analyst firm Axendia, a group of medical device manufacturers was asked about the characteristics of their change management processes and systems.
Surprisingly, most companies are not able to clearly quantify the financial impact of potential product changes. Only 2% of the companies said their ability to estimate the costs of product changes was excellent. 10% assessed their ability as poor, with the majority of companies rating their ability as average.
When those manufacturers were split into the closed-loop and open-loop groups, a dramatic difference surfaced. 80% of the closed-loop manufacturers said their ability to assess the financial impact of change was above average. Only 9% of the open-loop group reported their financial assessment ability was above average.
To support the increased rate of innovation, Med-Tech companies must stop chasing defects and manage product changes as a set of data instead of documents. To succeed in this changing environment, medical device manufacturers must focus on improved product outcomes while simultaneously supporting shorter innovation cycles driven by closed-loop integrated systems that allow for real-time decision making based on real intelligence.
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