Complete step-by-step guide to Product Engineering Services

Entrepreneurs and established industry leaders alike hold belief that those who adopt new technology trends early are more likely to succeed in long run. Early adopters often gain a competitive edge. They develop innovative products. These products can disrupt and dominate market.

It’s widely recognized that timely investment in right business technology such as Internet of Things (IoT), is key to long-term growth and success. However many companies are hesitant. They are unsure about exploring new technologies. This hesitation often stems from lack of experience. Additionally, integrating new technology with existing engineering teams can be challenging. As projects progress, uncertainties can arise, creating obstacles and delays that may discourage even the most enthusiastic tech-driven companies from making their mark in a specific technological domain. This journey is fraught with challenges related to resources, cost, time, and shifting business priorities.

The key to success is to approach these challenges methodically, much like climbing a ladder one rung at a time. Smart organizations understand that to turn their technology aspirations into reality, they must rapidly elevate their capabilities. This involves gaining expertise in new tools and platforms, introducing accelerators and frameworks, getting proper guidance on skill-set evaluations and upgrades, assessing commercial viability, making “make or buy” decisions, and evaluating implementation and operational costs, among other things.

The Role of Product Engineering Services in Today’s Technology Landscape

Fortunately lacking domain experience and technical expertise is no longer significant barrier when it comes to developing profitable products. It allows for leaving lasting legacy. Instead of relying solely on in-house talent, companies can leverage expertise of Product Engineering Service (PES) providers like Etelligens Technologies. These providers assist tech-driven companies across various industries. They help consistently achieve success by leveraging new technologies to build outstanding products.

A quick look at our success stories page will reveal how the right PES partner can help clients find the perfect technological solutions tailored to their needs. All it takes is a dedicated, skilled, and motivated team of professionals to turn your ideas from concept to reality.

Beyond tapping into specialized skill sets, many companies seek ideal partners to help them transform legacy systems and maintain core business strengths. This is a critical factor for any company when collaborating with a PES vendor.

What is PES? How Does It Help?

As consumers continue to demand the latest features and functionalities with fast turnaround times, businesses push for higher quality and cost benefits from product manufacturers. This demand has led vendors to create a specialized engineering service focused on launching products faster into the market.

Product Engineering Service (PES) refers to an engineering consulting activity that uses various hardware, embedded software, and IT service solutions for designing and developing products.

Product engineering encompasses several phases, from inception to the end of a product’s lifecycle. Understanding these phases is crucial when discussing product engineering. Let’s break down the different stages of product development:

Concept (Conceiving the Idea): This initial stage involves brainstorming and documenting ideas in terms of specifications and requirements. The idea is then scrutinized to determine whether it’s worth pursuing. While a concept may seem exciting at first glance, it may not always be feasible.

Design: Once the concept is finalized, the next phase involves bringing the idea to life through engineering designs. This phase also includes making any necessary improvements or changes before finalizing the design.

Development: The development phase focuses on building or assembling the product. Attention is given to implementing the project and managing and optimizing costs.

Testing: A developed product undergoes stringent quality checks to ensure it is fault-free and performs as intended. Any defects identified during this phase are addressed through necessary modifications or rectifications before the product is released.

Release: After development, the product is released into the market. Feedback from users is collected to further improve the product in subsequent versions. External product testers may also be involved to assess user experience.

Sustenance/Re-engineering: Once released, the product undergoes periodic updates and enhancements over time, alongside ongoing maintenance. A support system is also established to address customer issues promptly. Re-engineering is vital, as products must be designed for scalability to meet future customer demands, allowing them to evolve with the market.

According to Markets and Markets, the product engineering services market is projected to reach USD 1,003.12 billion by 2021, with a CAGR of 8.2% from 2016 to 2021. The demand for outsourced product engineering services is growing rapidly, driven by the need to help customers focus on their core business processes while gaining substantial cost advantages through technological leadership.

Outsourcing PES functions not only reduces service and manufacturing costs but also makes businesses more competitive in ways previously unimaginable. With PES, companies can:

·         Focus on core competencies while leaving the rest to the PES division of the outsourced vendor.

·         Gain expertise in new technology domains that were previously inaccessible due to time and resource constraints.

·         Achieve system interoperability by working across various third-party devices and platforms.

·         Respond quickly and efficiently to real-time customer needs.

·         Transform legacy services or products to remain competitive. PES partners play a vital role in this transformation.

Collaborating with a PES provider offers a better way to develop products compared to partnering with another company, as your intellectual property (IP) remains secure due to the nature of such contracts.

If your company is considering outsourcing to a PES provider, the vendor will follow typical procedures to maximize the value of your investment and time. Let’s look at the standard steps followed by a PES vendor:

Stages of PES

Step 1: Identification of Pedigree

Evaluate your company’s ability to meet customer expectations in a specific technology domain.

“Look before you leap” is more than just an adage when diversifying your business into a new domain or expanding in your existing field. The story behind every failed product launch often traces back to previous failures to assess whether your existing resources possess the skills, domain knowledge, and technical depth to deliver value based on customer needs and demands. At the end of the day, your company’s “pedigree” matters.

Do you have a strong legacy in the technology area you’re entering? It doesn’t necessarily mean you must be a first mover, although that can be advantageous. Instead, consider whether you have a sizeable customer base that would accept your new offerings as an extension of the value you already provide.

Honestly answering questions like these will help your organization understand its pedigree for success:

·         What do my customers know me for? (Start with your mission and vision statements.)

·         How much experience do I have?

·         What is my brand recall value compared to competitors?

·         If I venture into a new domain, will it integrate with my existing business pedigree, or will it seem distant?

·         If the answer to the last question is negative, it may be necessary to rethink your strategy.

Step 2: Prototyping and Ideation

Validate your product concept and gain support from partners and stakeholders.

Developing innovative products requires cutting-edge technology skills, disciplined execution, and shared responsibility toward the final goal. Ideation begins with clearly defining the scope of the problem at the customer’s end and completing a proof-of-concept prototype. Investing more in this stage ensures a strong foundation for the rest of the product development process.

Deciding which features and functionalities to include in a prototype can be challenging, especially in a new technology space. This is where a PES vendor can assist in achieving a concrete product concept.

Step 3: Finding Your Engagement Model with the PES Vendor

Choose the right engagement model that suits your project’s time and resource constraints.

The PES vendor should offer a variety of engagement models to meet the client’s specific needs. Selecting right model is critical to business success. It accelerates launch cycle and provides long-term value. Common engagement models include Offshore Development Centers (ODC), dedicated teams and time-and-materials contracts.

Step 4: The Role of Accelerators and Incubators

Accelerators and incubators are becoming popular among businesses looking to launch new products and build innovative business ecosystems.

Accelerators assist fledgling businesses get real products to market by offering resources and support. Incubators provide mentorship and support, generally with no specified end date.

The best method to tell the difference between the two is to see if the program has an end date. If it lasts three to four months, it's an accelerator; otherwise, it's most likely an incubator or innovation lab.

Step 5: End-to-End PES Services like DevOps

DevOps is becoming central element of enterprise growth strategies. It is expanding beyond just a QA concept.

Grand View Research forecasts that the DevOps market valued at USD 2.77 billion in 2018, will grow at CAGR of 18.6%. It will reach USD 12.5 billion by 2025. The growth is fueled by increasing digitization. There is also rising adoption of cloud technologies and the need for better collaboration between IT teams to enhance operational efficiency.

Etelligens Technologies leverages its extensive product engineering experience. It provides comprehensive DevOps/CloudOps services including consulting, end-to-end implementation tools evaluation and infrastructure monitoring.

Step 6: Support and Maintenance Services

Support and maintenance in PES should be a source of competitive advantage, not just a revenue stream.

Effective support and maintenance services help maintain customer loyalty, enhance ROI, gain customer insights, and deliver a competitive edge. This stage involves maintaining and upgrading products, analyzing customer feedback, and ensuring sustained product performance throughout its lifecycle.

Etelligens Technologies partners with product and solutions companies worldwide, helping startups and enterprises achieve faster time-to-market and optimize costs with innovative products and solutions. We encourage you to think beyond transaction-driven growth strategies and focus on creating real value.

Contact our experts to learn more about our product engineering services.