This IDC PlanScape describes how retail brand companies can advance the value and productivity of product development processes. We present a framework for product innovation and seizing more value through digital transformation and broader innovation efforts. Application areas included in the framework are design, product life-cycle management (PLM), product portfolio management, materials and finished product sourcing, visual and collaborative assortment, requirements, and marketing asset management. The 3rd Platform (social, mobile, cloud, and analytics) and 3D visualization underpinnings enable multiple parties to simultaneously view detailed and visually supported information about products, designs, demand plans, and the development processes globally.
According to Leslie Hand, vice president of IDC Retail Insights, "Companies today must digitally transform, remodeling strategy, culture and engagement fit for physically-digitally converged business. When retail brands leverage design thinking and configurable, collaborative, and visual tools built around a digital PLM core, they can innovate faster and improve product performance success rates. Tying together all enterprise applications, data, and tools used to design, develop, specify, source, manufacture, and service products in one system with a central digital PLM core improves digital asset management and re-use, enables parallel processing, and closes the loop between design, product development, sourcing and operations." Hand claims, "Perhaps the biggest benefit of a product innovation platform is that the development of products, the lifeblood of a corporate brands, can be tied to strategic business goals and multiple product, sales, and marketing efforts."