Recap of the PTC/User Global Summit 2024
The Convergence Data team was a proud sponsor of the PTC/User Global Summit 2024 in Orlando. The event provided an enriching experience, bringing together industry leaders, engineers, and technology enthusiasts to explore the latest advancements in product development and collaboration. Here's a glimpse into the key takeaways that resonated with our team and the customers we interacted with during this inspiring conference.
Key Topics and Takeaways
Aftermarket Parts: Transforming Data into Revenue Streams for the Enterprise 💵
A pivotal discussion at the PTC/User Global Summit 2024 revolved around the transformative power of engineering data when channeled downstream to create service or replacement parts, ultimately revolutionizing revenue streams for the broader enterprise. The event illuminated a strategic shift where data from Engineering, often considered a byproduct of the design process, becomes a catalyst for generating additional revenue by enabling the data to be shared with Aftermarket via service parts.
Leveraging Component Data from external sources to fortify your classification💡
Data integration was another popular topic of discussion. The ability to ingest mechanical and electrical component data from other third-party sources of component data as well as ERP data can be a game changer in creating a comprehensive library of parts. This integration means having the ability to map the metadata from upstream sources and matching and merging them with a centralized data model. This approach not only unites disparate data sources - it also allows other areas of the business such as Sourcing to access critical supply chain data such as pricing and obsolescence, fostering and supporting an enterprise's digital thread charter. This methodology can also be applied to match and merge source data from business acquisitions.
Parts Search vs. Shape Search 🆚
Many conference-goers discussed the key differences between searching for parts by metadata vs. geometry and comparing /contrasting the value proposition for each approach.
With any initiative to enable a better search experience for end users, the key outcome is findability, usability of the part's data and, ultimately, reuse. The act of creating a data structure to support this should:
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Enable dynamic filtering across the population of parts
- Facilitate the identification of the part
- Allow for efficient reuse and sharing of parts
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Stay in step with an enterprise's inventory of parts - be they purchased or design parts. ⚙️
From the standpoint of parts classification, the value proposition is more extensible, particularly in terms of driving parts classification data downstream to other areas of the business such as Sourcing (to support spend rationalization) and Aftermarket (service parts data for to promote revenue generation). While model search has benefits, they are limited to the Engineering team's population of design parts and not extensible to other divisions by comparison.
CAD as a Downstream Source for Engineering Parts Search ⚙️
One of the other themes that emerged during the event was the designer's preference for CAD (Computer-Aided Design) as a source of searching for parts data during the creation of Bills of Materials (BOMs). This trend not only speaks to the various sources where parts may live within an Engineering ecosystem, but also highlights the need to have classification structured and parts metadata enriched before driving the data to downstream solutions such as PLM and CAD to enhance productivity, findability, data quality, accessibility, and data governance across business areas.
Parts Classification Presentation 📽️
Jeremy Grubman, VP of Strategy & Operations at Convergence Data, also had the honor of co-presenting with Scott Morris of iRobot on the benefits of the parts classification initiative our team has been assisting with.
The PTC/User Global Summit 2024 was a testament to the ever-evolving landscape of engineering and product design. The enthusiasm and passion exhibited by attendees, combined with the wealth of knowledge shared, made it a truly remarkable event. We eagerly anticipate incorporating these insights into our practices, propelling our team and our customers to new heights! 🚀
✍️ Contact us today to discuss how to get started with parts classification. We can help create a solution that will allow your parts to be more findable, reusable, and able to be leveraged by other downstream divisions. With over 20 years of parts classification expertise and an extensive playbook for managing classification and integration with Windchill PLM and extending the most valuable data across the enterprise, our team stands ready to support you in meeting your goals!