Customers’ expectations are constantly evolving. The attention span, on the other hand, has reduced significantly. In such a scenario, developing a business product that unlocks value and enhances customer satisfaction is a huge challenge. It’s akin to reinventing the wheel multiple times.
However, there is one solution to this – transformative product engineering. It is the key to igniting growth in conventional businesses, propelling them toward success in an ever-changing landscape.
At its core, product engineering is to design and develop innovative solutions that fulfill customer demands. At the same time, these solutions hold the potential to disrupt markets and revolutionize industries.
According to statistics, the global product engineering services market will reach $1610.6 billion by 2031. These numbers reveal that several conventional businesses will likely invest in product engineering to expose new avenues for growth and stay competitive in the face of modern challenges.
Today, we will discuss the concept of transformative product engineering and its potential to drive growth in conventional businesses.
Key Benefits of Transformative Product Engineering
Transformative product engineering encompasses innovating, designing, developing, and testing a purposeful app, software, or business system. The process offers a myriad of advantages to businesses willing to embrace leading-edge technologies and customer-centric approaches.
Transformative product engineering involves the use of revolutionary technologies like artificial intelligence. In fact, AI-powered solutions can bring unparalleled capabilities and efficiency to product development. They can completely revolutionize how each product is conceptualized, developed, and delivered.
By utilizing AI and other leading technologies in the product engineering process, businesses can obtain the following positive outcomes:
- Development of highly innovative products that match customer needs
- Accelerated product development, enabling conventional businesses to respond quickly to shift consumer demands and market dynamics
- Highly tailored customer experiences that foster stronger customer engagement, loyalty, and retention
- Improved product quality and reliability that reduce the likelihood of customer dissatisfaction
- A unique competitive advantage and increasing market share
How Product Engineering Can Ignite Growth in Conventional Businesses
Product engineering can catalyze growth in conventional businesses. These engineering services lead to digital transformation that augments business operations. They can improve efficiency, reduce cost, and increase scalability.
Let us explore the many ways in which product engineering can help conventional businesses achieve growth.
- Develop innovative products that meet customer needs
Businesses of all types and sizes can leverage product engineering to understand their customer preferences. They can identify existing gaps in the market and devise ways to address those gaps. Once businesses understand their customers’ needs, they can create products that attract a large user base and foster brand loyalty.
For instance, say an electronics company uses transformative product engineering to launch a new line of smart home devices. The company can utilize IoT technology and artificial intelligence to create innovative products that simplify everyday tasks for homeowners. Thus, the company can gain a unique competitive advantage in the market and attracts customers seeking new, modern, and intelligent home automation solutions.
- Enhance customer experience
Product engineering enables businesses to design products with a user-centric approach. Businesses can gather valuable user feedback, analyze user needs, and constantly iterate their product features to deliver the best product. This ensures unparalleled customer experiences.
Let’s say a conventional retail chain opts for product engineering services to develop a mobile app with AR functionality. With this functionality, customers can virtually try on garments or accessories, making the shopping experience much more interactive and effective. This will help the retail chain enhance customer experience and boost its business revenue.
- Cost savings
Transformative product engineering can help to reduce the overall cost of product development. Developers can identify potential flaws in design early on through tolerance analysis, protocol testing, and finite element testing. This enables development engineers to avoid costly rework and redesign.
Let’s say a manufacturing company plans to adopt lean product engineering practices to revamp its production process for a leading consumer product. By eradicating all redundant steps and automating certain tasks, the company can significantly bring down production costs. Thus, they can offer competitive pricing and secure a greater market share.
- Gain a unique competitive advantage
Innovation through product engineering can help conventional businesses secure a competitive edge in their industries. By staying on top of market trends, evolving customer needs, and creating engaging solutions, businesses can stand apart from their competitors.
Let’s assume you are a traditional telecommunications company. By investing in product engineering, you can develop a 5G-powered smartphone with the latest functionalities. Such a product can position you at the forefront of the market, attracting tech-savvy consumers to your product.
AI Transforming the Construction Industry with a SaaS-Based Platform
However, Algoscale set out to revolutionize this sector by utilizing artificial intelligence to develop a SaaS-based platform for a client in the construction industry. The Case Study reveals how AI-powered product engineering helped transform a conventional business, optimizing processes and improving productivity through a modern and scalable SaaS solution.
Client Profile: The client in question is a mid-sized construction firm that struggled with issues related to the construction submittals process. Construction submittals are designed to decrease mistakes or miscommunications that may arise during construction. A contractor prepares and sends submittals to explain how they plan to perform a part of the project’s work.
Our client faced several challenges in managing submittals for their projects. The company also struggled with time-consuming bidding processes, looking for information from different manufacturers’ websites, and managing incomplete data in their submittals. All this led to unnecessary delays in the construction timeline. They needed a robust solution to streamline the process, reduce delays, and improve the quality of their bids.
Our solution: To address these challenges, Algoscale developed a SaaS-based platform powered by AI. This platform built a centralized repository of artifacts and used OCR technology for semi-automated operations. The solution also used an AI web crawler that crawled multiple manufacturing websites and gathered data from designers’ specifications. This helped the client find the most strategic and competitive options.
The result: Our product engineering solution drastically reduced bid preparation time. It also cut down acquisition costs and increased the number of bids processed. Thanks to our solution, the company could submit higher-quality bids and focus on business development.
In this fast-moving world of technology, leveraging product engineering is vital for businesses to spark innovation. Collaborating with a reputed Product Engineering Services Company like Algoscale can help you develop data-driven digital products that cater to the needs of your target audience. From ideation to implementation, our experts can help you transform your ecosystem with the best product and deliver an unparalleled customer experience. Schedule a consultation with us to get started.