Today’s Product Industry:

New product introduction and innovation in today’s high competitive world, time to market are critical differentiators for the companies worldwide, let it be Electronic gadgets, Medical, Energy Industry, Food Processing, Semi-Luxury goods, Appliances, Mechanical Engineering, Oil & Gas, Plant Engineering, Industrial Products or any related to consumer or industrial products.

It is compelling that the product introducers must develop and deliver innovative solutions that will win customers, and to keep them coming back for more and appreciate the quality product and branding. The business demands a new idea to remain on top, always.

Better time to market have been challenged by introduction and innovation of new products and escalating engineering costs, by several factors like shorter product life cycles, Technological obsolescence, Advances in design and engineering technologies, Increasing design and engineering complexity, Necessary business process and infrastructure changes, New technology application to engineering and product development.

It is also very essential to the introducer to collaborate with a capable and a reliable partner. This is to achieve a greater ecosystem of engineering expertise, attain a level of innovation, and to a competitive edge.

Outsourcing is one method adopted. This is noted to be the biggest option, for product development and engineering value chain. An outsourcing engagement can immensely assist companies to –
 

• Reduce design cycle times,

• Achieve better time to market,

• Reduce costs,

• Minimize risks,

• Access the latest technology without owning it,

• Improve product development return on investment,

• Improve the overall competitiveness of the products.

Worldwide studies indicate that the growth of the engineering industry is expected in multiple folds in the next few years to come and pass by. The Engineering outsourcing market: According to the Reuters and Nasscom reports, today’s total engineering industry is exchanging business worth $750 billion and total engineering market is expected to grow to $1.1 trillion (worldwide) by 2020 and offshoring up to $225 billion, where India expects 30% and China 46%.