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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - MAKERSITE (Makersite - The Product Intelligence Platform)

Teaser

Summary

Due to the competitive and regulatory pressures, the main objective for manufacturing companies is to make better products, faster. The combination of tough markets, tight budgets, and aggressive new product development targets means that manufacturers need to be able to design and develop products extremely efficiently to get the most out of their engineering efforts.

Traditionally, product attributes data, such as substances, costs, compliance, environment or supply chain information, are managed by different teams and different applications. They are disconnected and rarely updated, leading to increased risk and complexity while creating duplicative work and heavy costs, and slowing down decision making processes. As a result of this poor product insight, innovation is held back and it is more difficult for companies to create well designed and sustainable products.

Research suggests, that designers and engineers waste up to one day per week searching for data that is found only 50% of the time. This results in poorer decisions that take more time to make. And when teams innovate, 30% of R&D spend duplicates research and work previously performed. Even if we allow for a large error margin, those numbers still suggest a lot of room for improvement for product development to be more efficient and more effective. Studies blame product information that is not connected, not shared, sits in siloed applications and does not support collaboration.

In this feasibility study, Makersite aims to review its proposed solution to the problem, compare it to competitive solutions and assess the main customer needs. The feasibility Study includes a technical, commercial and financial plan and will support the viability assessment of our project.

Work performed

The work performed was to make a feasibility study.

This was carried out through desk research, analysis, phone interviews and meetings with potential customers and industry experts.

The result is a complete feasibility study covering both commercial, financial and technical aspects. The overal conclusion of the study was that there is a serious problem to be solved by our proposed solution and that there is a strong market demand for such a solution. However, as there are currently no traditional software providers in this market it will not be easy to target the right contact person within organisations for making a sale happen and for getting the required budgets. That said, with the ever increasing pressures from a cost, compliance and sustainability angle, the need for this solution is strong enough to enable it to make sales.

Final results

Thanks to completing this feasibility study, Makersite was able to update its strategy and focus on the most important developments for its roadmap as well as for its sales targets.

The end result of bringing our product to market should help companies to make more sustainable products which are also better in terms of a regulatory, health & safety and cost perspective.

The potential impact will depend on who our clients will be but for every customer that we onboard.

Research suggests, that designers and engineers waste up to one day per week searching for data that is found only 50% of the time. This results in poorer decisions that take more time to make. And when teams innovate, 30% of R&D spend duplicates research and work previously performed. Even if we allow for a large error margin, those numbers still suggest a lot of room for improvement for product development to be more efficient and more effective. Studies blame product information that is not connected, not shared, sits in siloed applications and does not support collaboration.

We expect to make a significant impact in two ways: one in terms of sustainability and compliance on all their products and the other in terms of the efficiency and time savings for the engineers. Both impacts will have tremendous positive benefits for society.