More than 40% of executives that participated in a PwC study agreed that innovation is a “competitive necessity” for their organization. 60% of CEOs interviewed by McKinsey believe that half of their income will come from technology-enabled innovations. Another study from the Harvard Business School estimates that 95% of consumer products fail.
With that kind of expectation, and the fierce nature of competition coming at companies from new disruptors, as well as consumer expectations around personalization and instant gratification being at an all-time high, innovation must be fast and right the first time. For this reason, Jabil and Radius are working together to slash the time taken to get an idea from the back of your napkin to front door of the consumer.
The dividends of accelerated innovation are clear: first to market advantage, quicker ramp to volume, lower development cost and, perhaps most importantly, shorter time to business value.
Using techniques like rapid prototyping and digital manufacturing, combined with an intelligent digital supply chain, as well as new technologies like 3D printing and VR modeling, Jabil and Radius are able to substantially reduce the design cycle, whilst enabling multiple prototype versions to evaluate and adjust a design.
Traditional processes can regularly take more than 35 weeks and incur costs and delays as tools are built and iterations are manufactured and tested. What’s more, these methods are serial with the manufacturing process starting with the design process. Supply chain planning normally follows, adding additional time.
Accelerated innovation can deliver the same, if not better, results in less than eight weeks. This is done by shortening the idea to prototype stage to around five weeks and using digital manufacturing techniques to get to market in less than three weeks, whilst making the development of an intelligent digital supply chain a parallel operation.
This method does not cut corners or reduce the ability of the innovator to make multiple prototypes and iterations.
Thus, it’s true innovation without compromise, all at the speed of digital. Here's the case study we worked on with one of our customers, Superfeet, who not only felt we sped up the innovation process significantly but helped him get to market in general!
Have a look at the Infographic below, and then feel free to check out the video as well. I think you will be amazed at how quickly a company can realize business value today when an underlying digital thread is involved. And frankly, that's exactly why Jabil wants to become the most technological advanced manufacturing solutions company in the world... to help customers get to the differentiation they need and ultimately get to the business value they want, in record time!