Redefining Product Development for the Post-Pandemic
As COVID-19 continues to impact economies across the world, many industries are still in reactive mode. The manufacturing industry is no different and has already seen a 20-30% drop in demand which is expected to last until 2021, data from the Purchasing Managers' Index by IHS Markit shows. The reason: the definition of essential products has changed and visibility into future demand has been reduced. This has led manufacturing industries across essential and non-essential products to delay or cancel their new product launches and respond to the pandemic by changing their product portfolio. For instance, essential product manufacturers of high-tech medical equipment, disinfectants, and personal protective equipment (PPE) have expanded their product portfolio and set up product development and production facilities to meet the sudden spike in demand.
As COVID-19 continues to impact economies across the world, many industries are still in reactive mode. The manufacturing industry is no different and has already seen a 20-30% drop in demand which is expected to last until 2021, data from the Purchasing Managers' Index by IHS Markit shows. The reason: the definition of essential products has changed and visibility into future demand has been reduced.