I want to reduce the cost of an existing product
In some cases, it may be necessary to simplify a product’s design by reducing the number of components or changing the way the software is programmed to make it less hardware-intensive. This can also involve streamlining the process of assembling, testing, and installing the product.
After the installation of a product, good design can lead to further cost savings by ensuring high reliability, minimal operational expenditure, and support. In the case of connected or IoT products, cost-saving opportunities can be achieved through good backend support systems, over-the-air (OTA) firmware and feature upgrades, and low-cost data communications protocols.
Choosing future-proof design elements and modularizing core product functions can result in savings across current and future product portfolios. By adopting common modes and practices and taking advantage of economies of scale, savings can be made in all the areas mentioned above.
A number of our clients have been able to generate additional revenue streams from what were previously considered to be the generally accepted costs and overheads of providing and supporting a product portfolio. This was realised, with Fen’s support, by reducing their product offering’s costs while delivering better product specifications, features, and benefits than their competitors.
