Effortless product lifetime extensions at your fingertips: Meet Etteplan’s fixed-price R&D service
Manufacturers often have the golden opportunity to increase sales with existing products if they could be updated to fit emerging needs. When internal research and development (R&D) efforts lean towards innovation rather than lifetime extensions for existing products, companies can easily miss potential revenue that could be made with moderate effort.
There are many reasons why companies can benefit from product extensions. As products age, they may get expensive to manufacture. Some components are now costly or simply unavailable. Customers set expectations for features and performance. Entering a new market area can easily create new compliance requirements.
Addressing these new needs and demands can potentially extend a product's lifecycle and significantly increase revenue. But how can companies seize these opportunities when resources are scarce and internal priorities lie with next-generation products? This is where Etteplan's fixed-price R&D service for product extensions comes in.
Etteplan's fixed-price R&D service for product extensions
Lifetime extensions often come with well-defined specifications, making them ideal projects for external R&D partners. This is especially true for companies embracing modular design approach, that has the power to accelerate R&D processes and outsourcing strategies.
When the schedule and budget for extensions are known in advance, it is easy to compare the outsourcing costs against the estimated additional revenue the update would bring, making the decision-making process swifter.
Etteplan's approach to product extensions is to completely ease the customer's burden and offer a fully mass-production-ready design with our diverse in-house expertise. Product development itself is usually rather straightforward, but the process involves a lot of testing and documentation.
In addition to designing the updates, Etteplan provides certified testing in its own product approval laboratory to verify that market and compliance requirements are met. The Certified Secure Product Development Lifecycle (SPDL) process guarantees meeting all regulatory demands. Documentation is also updated accordingly, and the product is seamlessly integrated into the product management system.
By outsourcing their product lifecycle updates, companies can fully focus their R&D efforts on discovering a future competitive edge while making the most of current products. Partners can bring in highly specialized expertise and advanced technology, such as industrial artificial intelligence, that would be expensive to possess internally.
Etteplan's fixed-price service is an easy solution for companies to enhance their capability to react swiftly to changing needs and demands. It offers efficient, scalable product extensions so you can focus on the core business.
Are you looking to leverage R&D’s full potential to stay ahead of the curve? Check out our guidebook about R&D here!