BY MCKINSEY & COMPANY: Unveiling the next frontier of engineering simulation! How can digital simulation derive new insights, identify and fix issues earlier in the cycle, and accelerate product testing and validation? Product development is an essential part of economic growth and social progress. Big industries, including automotive, aerospace and defense, telecommunications, medical devices, and consumer products, expect a third of their sales to come from new products. Over the next five years, that means $30 trillion in revenues depend upon successful product development projects in those sectors. With so much value at stake, advanced product development capabilities are a key strategic priority for companies. And those capabilities increasingly depend upon access to sophisticated digital technologies, along with the skills, processes, and organizational structures to use them effectively. In one 2021 McKinsey survey of R&D leaders, three quarters of respondents said that digital product development is essential in their organizations. Those leaders acknowledge that digitization is still a work in progress, however, with half admitting that they don’t currently have the capabilities they know they need. In this paper, we focus on one area of digitization with central relevance to the product development process: simulation. The ability to simulate product performance and behaviors in a virtual environment has been the catalyst for profound changes in the way engineering is done, offering product development teams the ability to derive new insights, identify and fix issues earlier in the cycle, and accelerate product testing and validation. Simulation in flux: Simulation is also going through a period of significant technological disruption that is creating new opportunities and challenges for users in multiple areas. Those disruptions are affecting almost every aspect of the simulation value chain. Cloud-based simulation platforms are emerging as an alternative or addition to traditional workstation-based infrastructure. New analytical approaches, such as meshless methods and multiscale modelling, are extending the application of simulation to new domains and new types of problem. Inputs derived from sensor data, closed loop simulation and digital twin technologies are narrowing the gap between the real and virtual worlds. https://lnkd.in/eShWKd9c
Can't wait to dive into your insights on Industry 4.0! 🌟 #Innovation #FutureOfWork #Engineering Nevin Dannehy