Innovation is putting a new product, not just inventing it.
The economist Joseph Schumpeter described innovation as “the market introduction of a novelty, not just its invention” – in other words, a good idea alone is not enough to create a successful product.
Having a structured product development process helps keep innovation work on the right track. Our Product Lifecycle Management system (PLM) ensures the seamless integration and real-time availability of all information generated over the lifetime of a product. The PLM process includes not only the innovation/invention, plus portfolio management, and early integration of customer and market requirements, but also its engineering, production, and after-sales service, right through to the end of the product life cycle when we take the product off the market.
Our Group-wide requirements for PLM apply to all products, solutions, and services of thyssenkrupp. They are adapted by the business areas to their specific needs. This framework sets out a process which enables us to harmonize and manage all stages of a product life cycle. Among other things it allows us to provide our customers with products and services tailored exactly to their requirements.
PLM is also part of thyssenkrupp’s digital transformation and one of the three main elements for the implementation of Industry 4.0. Connecting all areas involved in the value chain ensures that all relevant information is available all the time.
Since for us, too, innovation is the market introduction of a novelty – not just its invention.