Today’s competitive business environment requires companies to bring their products to market quickly and more cost-effectively than ever before. Industries face demands like reduced downtime, improved operational and production efficiency, reduced maintenance costs, and effective forecasting. This means companies need to start moving away from a responsive maintenance strategy, adopt an informed reactive maintenance strategy, and ultimately move to a proactive maintenance strategy, which can be difficult without the right solutions.
With the growth of the Internet of Things (IoT) and big data, many companies are doing a great job of connecting assets, equipment, devices, and other products then gathering all that information into databases. Unfortunately, it is all too often a one-sided conversation of recording what is being said by the equipment. The challenge is finding ways to listen to what the equipment is telling us and responding in useful, actionable, and intelligent ways that improve business operations and products, while reducing costs.
Integrating data science outcomes into products helps medical device firms formulate these strategies to improve products and bring added value to their customers. This makes it essential to rethink product design and lifecycle management with digital data as a core component. The real goal is improved business performance through actionable intelligence—not pristine data sets, interesting patterns, or killer algorithms; this is what every company is after.
Companies that listen to their equipment, focusing on analytics along with improved business processes, can expect a faster return on their investment than those that focus on analytics without an effective platform to deliver insights. Today’s competitive business environment requires companies to bring their products to market quickly and more cost-effectively than ever before. Industries face demands like reduced downtime, improved operational and production efficiency, reduced maintenance costs, and effective forecasting.
Delivering a connected services solution may require that an organization re-invent itself and embrace data science as a process providing clear utility for change management. No matter where it starts, the insights provided by analytics should be at the core of the organization’s approach to continuously define and improve product performance as competitive dynamics evolve.
To learn more, join us from 3:00-3:20 p.m. Thursday, April 5, for “How to Integrate Data Science into Your Medical Device Development” at the Medical Device Technology Exchange. We will review examples on how companies are intergrating data outcomes into their products and share common challenges and pitfalls businesses experience in this area.