Product Life Cycle

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How Digital Twins Are Reinventing Innovation

A digital twin is a virtual replica of an object, being, or system continuously updated with data from its physical counterpart. Supported by billions of connected global sensors, digital twins will soon exist for millions of things. Jet engines, a heart, even a city can have digital twins that mirror physical and biological properties. Real-time assessments and diagnostics will be more precise; repairs will be executed in the moment; and innovation will be faster, cheaper, and more radical.

Digitizing Products for Sustainability’s Sake

Digitization opens opportunities for the world’s sustainability challenges, but it also transforms industries, holding out the possibility of dramatically improving their social and environmental performance. To capitalize on this development, an emerging area of opportunity is the digitization of physical products and production.

Finding Applications for Technologies Beyond the Core Business

Too often, companies with products that have alternative potential markets miss their opportunity: Either they fail to see the possibility of alternative markets, or they simply lack the will to do the necessary groundwork to explore the opportunity. Leveraging existing technology for new uses can be tricky, but the return is greater profit and a revitalized business model.

Mastering the ‘Name Your Product Category’ Game

When is the best time to enter a new industry? As it turns out, understanding the product category dynamics in an emerging industry and when a dominant category label has been introduced are important to identifying the “window of opportunity” to enter. Dominant category labels typically are introduced right before the industry starts a phase of rapid growth and consolidation. Companies would do well to track category labels before introducing a product in a nascent industry.

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