Concurrent engineering also known as simultaneous engineering, is a method of designing and developing products, in which the different stages run simultaneously, rather than consecutively. It decreases product development time and also the time to market, leading to improved productivity and reduced costs.
Concurrent Engineering is a long term business strategy, with long term benefits to business. Though initial implementation can be challenging, the competitive advantage means it is beneficial in the long term. It removes the need to have multiple design reworks, by creating an environment for designing a product right the first time round.
Why do companies adopt concurrent engineering methods?
The notable business benefits of concurrent engineering make it a compelling strategy to adopt. Introducing concurrent engineering can lead to:
- Competitive Advantage– reduction in time to market means that businesses gain an edge over their competitors.
- Enhanced Productivity– earlier discoveries of design problems means potential issues can be corrected soon, rather than at a later stage in the development process.
- Decrease Design and Development Time– make products which match their customer’s needs, in less time and at a reduced cost