Consumers today expect products to be well designed, easy to order as well as fast to deliver. Akin to manufacturers, consumers have begun to embrace cutting-edge digital technologies and their expectations from manufacturers have also evolved. In the midst of rising expectations, manufacturers have to strive to delight their customers by leveraging a combination of disruptive products and services, faster lead times, and better user experiences powered by futuristic digital technologies. Lead time is a particularly significant metric that represents a company’s ability to meet customer expectations and enhance customer happiness levels. It is used by manufacturers across the globe to analyze efficiency and identify areas for process improvement to reduce the time required to deliver finished products to customers.

The growing customer demands force companies to develop and deliver products swiftly, without compromising quality. While some companies have the right talents and infrastructure, others have challenges in developing and delivering products to customers in time. Significantly, the companies in and around the US and Europe face stiff challenges derailing their growth. Many US and European companies face nine challenges. Product development overhead cost Lack of resources Improved product quality Infrastructure cost Technology and innovation Timely development and delivery Geographical limitations Managing their internal operations Delivering a consistent customer experience Well, is your company facing any of the above challenges? This post will guide you with a practical solution to improve your service and operations at a lower cost. The solution is – to partner with seasoned offshore development services for your unique and quick product development needs. What is offshore product development I know offshore product development doesn’t need any introduction, yet I am sharing a brief for companies that haven’t tried this trick. It is the process of delegating or assigning the product development activities to a third-party company to accelerate the production rate without compromising quality. Adapting offshore product development strategy The US or European companies that have problems with on-time product development and delivery have a fantastic choice to skyrocket their operations and growth in the form of offshore product development. According to the latest report, outsourcing entails the contracting out of business processes to external parties, either domestically or offshore. In 2019, the global market size of outsourced services was valued at 92.5 billion US dollars, increasing approximately seven billion US dollars from the previous year. (Source: Statista) With the internet paving the way for global customers’ products, companies have to rethink their existing strategy to include offshore product development services. With such an approach, the companies can leverage the expertise of an expert product development partner (third-party) to improve their delivery rate. Using this strategy, the company can free up the internal resources to focus on the critical tasks and operations contributing to growth.

Of all the components comprising the cost structure of manufactured goods, material cost is one of the most expensive for almost any industry. Of course, without raw materials and components, there would be no production. But if too much material is rejected owing to its poor quality, it can negatively impact a company’s profit margins. Across industries, rejected material is referred to as “scrap”. Few things get the attention of management like high scrap rates. The issue is so critical that, similar to labor and equipment utilization, programs to reduce scrap are almost always an essential part of manufacturers’ continuous improvement initiatives. Manufacturers have to take into consideration scrap rate as opposed to focusing solely on creating maximum output, to ensure optimal profit. But what exactly falls into the category of “scrap” material? How can managers actively strive to reduce the amount of scrap generated? Read on to find out! In this article, we will delve into the concept of scrap, the method to calculate your scrap rate, and explore strategies that you can deploy to reduce scrap and rework in your manufacturing operations.

The field of software development has undergone tremendous changes in recent times due to COVID-19 pandemic. Businesses the world over have been encouraged to transform into digital first entities, thereby pressurizing software product development teams to introduce new digital innovations and services to the market at Godspeed! The collective consciousness of the business community has also shifted towards building secure and scalable products, which are resilient to rapidly evolving market demands. In addition, all members of the IT community including IT managers, software developers, CIOs, and CTOs are trying to uncover innovative ways to enhance efficiency and reduce costs. That being said, let us explore the most popular product development trends which represent the overall advancement of the software development industry in 2022. You would be well advised to leverage these trends if you wish to keep your business relevant and stay ahead of the curve!