New Study Shows Implementing Product Lifecycle Intelligence in Sustainable Product Design and Sourcing Expected to Lift Win Rate & Time to Market by 25% for Mature Manufacturers
Apr 08, 2024
STUTTGART, Germany, April 8, 2024 /PRNewswire/ -- Makersite, a software company pioneering a new approach to sustainable product design and sourcing, today released research conducted by Forrester Consulting, titled "Transform Product Sustainability into Performance Initiatives with Product Lifecycle Intelligence," that reveals over half of organizations' sustainability efforts are driven by regulations despite the benefits from adopting more sustainable product lifecycle intelligence (PLI). Currently, manufacturers struggle to translate compliance initiatives into making informed decisions during the product design phase due to outdated data systems and data silos. The study, commissioned by Makersite, shows that by implementing PLI to integrate data held within their systems, product engineers in the design phase can create products that are more sustainable (30%), have faster time-to-market (28%), and reap higher profits (26%). The 2024 study, which included insights from 493 respondents with product design and sourcing decision-makers in manufacturing, also pointed to several operational improvements including the ability to support product lifecycle decisions with better data quality (29%), improved visibility of materials and component supply chains (28%), and more efficient sustainability reporting (28%). Despite the benefits, however, respondents reported experiencing challenges while securing executive support for incorporating sustainability in PLI (53%), measuring and quantifying the environmental impact ...Full story available on Benzinga.com
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