The Future of Product Innovation: 2024 and Beyond

As industries face rapid technological evolution, the future of product innovation is being sculpted by an array of advancements, strategic shifts, and innovative practices. The Propulsion 2024 event in Chicago, a convergence of thought leaders and experts, provided a stage for these discussions, offering valuable insights into what lies ahead for product development and manufacturing.

In this deep dive, we explore the insights shared by eight experts at Propulsion 2024, which collectively paint a picture of a future where digital transformation, AI, and collaborative strategies take center stage.

1. Ross Meyercord: The Imperative of Digital Transformation

In his keynote, Ross Meyercord, CEO of Propel Software, asserted that 2024 marks a pivotal year for digital transformation, not as an option but as a necessity. According to Meyercord, sustaining and expanding a competitive edge in today’s relentless innovation landscape requires a focus on product value management (PVM). He emphasized the importance of a single-platform concept-to-customer solution, which fosters agility and responsiveness.

“Ultimately, there is no finish line for innovation,” Meyercord remarked, underscoring the continuous need for improvement and adaptation in an ever-changing market.

2. Breg’s “Big Bang” Approach: Rapid ROI through Integrated Systems

Serena Oaks and Erika Blair from medtech leader Breg discussed their bold “Big Bang” approach to digital transformation, which prioritized a comprehensive launch of integrated product lifecycle management (PLM) and quality management systems (QMS). This strategy resulted in a 500% increase in project capacity without additional staffing and a significant reduction in time-to-market.

“Propel’s value is really in its interconnectedness. When you’re connecting your people, your data, creating process linkages, you have access to the intellectual power of your organization,” Blair highlighted, showcasing the impact of cohesive collaboration.

3. Tomasz Stefańczyk: Building a Future-Proof Tech Stack

Tomasz Stefańczyk, Head of Engineering at AMS Technologies, highlighted the transformative journey from spreadsheets to a fully integrated digital environment. By adopting Propel PLM, AMS achieved a remarkable 500% increase in engineering productivity. Stefańczyk stressed the importance of having a “single point of truth,” advocating for centralized data management as a driver of business growth.

“We knew we needed to have the single point of truth,” he emphasized, pointing to the value of accurate and centralized data in steering future growth.

4. Overcoming Resistance: The Change Agent Panel

Change, especially in technology, often meets resistance. During a panel discussion, Lori Lundergan (Allegro MicroSystems), Diana Sehawneh (MaryRuth’s), and Kirstin Sims (Guardant Health) shared their experiences leading digital transformations. They underscored the significance of communication, collaboration, and securing organizational buy-in.

“We’re constantly evolving our playbook,” Sims noted, emphasizing that flexibility and ongoing dialogue are crucial for sustaining transformation efforts.

5. Dmitriy Geler: Strategic Digital Transformation for Revenue Growth

Dmitriy Geler, VP of Quality, NPI Engineering, and Transformation at BekaertDeslee, illustrated how digital transformation can directly impact revenue growth. By fostering a culture of innovation and challenging the status quo, BekaertDeslee has maintained double-digit year-over-year growth. Geler highlighted the importance of cross-functional collaboration and selecting top talent to lead transformative initiatives.

“My team is set up for success to understand our internal customers cross-functionally,” Geler explained, showcasing the value of internal collaboration in driving continuous innovation.

6. Manufacturing Industry Insights: Navigating Change

Bruce Richardson, Chief Enterprise Strategist at Salesforce, and Tony Kratovil, VP/GM of Manufacturing Solutions, discussed the future of manufacturing, focusing on AI’s impact, evolving global supply chains, and sustainability. Their session highlighted the need for resilience in navigating these disruptions.

“Derisking your supply chain is key for maintaining your leadership in your market,” Richardson advised, emphasizing the importance of preparing for unexpected challenges.

7. Kevin Chien: Revolutionizing Health and Life Sciences

Kevin Chien, GM of Life Sciences at Salesforce, explored how AI and machine learning are revolutionizing the Health and Life Sciences industry. Chien pointed to advancements in patient engagement and product quality management, which are setting new standards in medical technology.

“This is life sciences’ Blockbuster moment,” Chien declared, signaling a significant shift in healthcare delivery.

8. Nitesh Chawla: AI’s Transformative Potential

Nitesh Chawla, Professor of Computer Science and Engineering at the University of Notre Dame, closed the discussions by addressing AI’s profound impact on corporate productivity. He argued that AI presents both challenges and immense opportunities, particularly in optimizing supply chains and enhancing product quality.

“There is no supply chain today that will not be impacted by AI,” Chawla concluded, emphasizing the inevitability of AI’s influence on global industries.

Preparing for the Future of Innovation

The insights shared at Propulsion 2024 underscore the need for companies to embrace digital transformation, foster cross-functional collaboration, and prepare for the widespread adoption of AI. As we move into a future defined by rapid technological advancements and global interconnectedness, organizations must be nimble, innovative, and resilient.

The future of product innovation is here, and those who are prepared to adapt will lead the way. The roadmap provided by these industry leaders offers valuable guidance for navigating the challenges and opportunities that lie ahead.