Insights from Product Data Boost Competitiveness

Rhea-AI Summary

NI (NASDAQ: NATI) released a report highlighting the critical role of product-centric data in enhancing product development. Over half of surveyed senior product innovators acknowledge gaps in utilizing test data effectively. The report indicates that companies with integrated product data strategies enjoy faster time-to-market. Key findings include that 52% of firms with such strategies experienced improved market speed, and 55% plan to prioritize integrating test data into development processes. The survey covered 10 industries, shedding light on the necessity of robust data strategies for innovation.

Positive

• 52% of companies with integrated product data strategies experienced faster time-to-market compared to 33% without.
• 55% of product innovators identified integrating test data in product development as a key priority within the next year.
• 40% of respondents see integrating test data as a significant value driver for their business.

Negative

• Over 50% of respondents cited cost as a barrier to transforming production models.
• 38% of surveyed companies rarely use test data to inform product design.
• 51% acknowledged they could derive more value from their data if test data were implemented earlier.

New report from NI shows need for better data strategies

AUSTIN, Texas--(BUSINESS WIRE)-- NI (NASDAQ: NATI) today released a report summarizing the findings of recent research into using product-centric data, such as test data, in product development. Hundreds of senior product innovators say that product data is key to staying competitive, yet more than half of the respondents recognize gaps in the way they extract value from their test data. There is also a strong correlation between advanced data strategies and increased degrees of innovation, with two-thirds of respondents believing that a data strategy is essential to optimizing the product lifecycle.

“Companies face a dual challenge of increased product complexity and shrinking time to market, causing a shift in the way products are developed. They recognize that the status quo will not work anymore,” says Mike Santori, fellow at NI. “Business performance can improve through connected product data and analytics, and this research provides evidence that test data are a strategic differentiator.”

While many of the engineering vice presidents and heads of R&D recognize the value of data in their product development, over half cited cost as the inhibiting factor preventing the transformation of their production models. The research also pointed to test being an underutilized resource with 38% of respondents saying they rarely use test to inform product design and 51% recognizing that they could extract more value from their data if they implemented test earlier in their processes.

Additional findings include:

• 52% of companies with an integrated company-wide product data strategy experienced faster time-to-market in the last 12 months, compared to 33% of companies without this advantage
• 55% of product innovators say that integrating test data into the product development process will be a key priority over the next 12 months
• 40% identify integrating test data into the product development process among the initiatives that could bring the most value to their business

The survey was conducted among senior product innovators in 10 industries including semiconductor, transportation, consumer electronics, and aerospace and defense. It was produced by FT Longitude, the specialist research and content marketing division of the Financial Times Group.

The full report can be found here: insights.ni.com/designed-to-perform

About NI

At NI, we bring together the people, ideas, and technology so forward thinkers and creative problem solvers can take on humanity's biggest challenges. From data and automation to research and validation, we provide the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously™ every day.

National Instruments, NI, ni.com and Engineer Ambitiously are trademarks of National Instruments Corporation. Other product and company names listed are trademarks or trade names of their respective companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220816005309/en/

Chris Wolf

pr@ni.com

Source: NI

FAQ

What does NI's latest report reveal about product-centric data?

NI's report emphasizes that effective use of product-centric data, especially test data, is crucial for enhancing product development and staying competitive.

What percentage of companies with integrated data strategies experienced faster time-to-market?

52% of companies with an integrated company-wide product data strategy reported faster time-to-market.

What are product innovators prioritizing for the next year according to NI's report?

55% of product innovators plan to prioritize the integration of test data into their product development processes.

How many respondents believe they could extract more value from their test data?

51% of respondents recognize they could extract more value from their data if they implemented test data earlier in their processes.