A key to keeping up with fast-paced and ever-changing industries is monitoring trends year over year and staying up to date with the leaders of those markets. Novatek's State of Knowledge survey and report helps manufacturers gain insight and share their business perspectives on the coming year.
This year's survey respondents were seasoned members of manufacturing and medical device markets as well as many startups just entering competition. The diversity of respondents reinforces the changing landscape of these industries.
Though the level of experience in the market varied among respondents, there were consistencies in what companies were focusing on and expecting for the year. As companies' product development processes continue to evolve, there is greater recognition of the importance of effective training and documentation.
After reviewing the survey results and respondents' insights, our team discussed the qualitative trends we've observed.
Novatek's 2017 Insights on Change
1. Budget is an important conversation
When starting a new project, most companies are often unaware of the exact cost of training and documentation. As a result, many of them do not have budget allocated for these needs and services, which delays these efforts into the next fiscal year. However, for the companies who have critical and urgent needs for technical documentation, such as those launching a product in upcoming months or responding to audit findings, a budget is immaterial.
2. Financing and competition are accelerating product launch timelines
With more startups entering the market, there is an enhanced eagerness to launch a product as soon as possible. New companies also have a need to see ROI quickly to please investors. Issues arise with accelerated timelines, though, because manufacturers aren't thinking ahead. We are seeing a need to educate companies on timeline requirements so there is a better understanding of what a successful product launch needs.
3. Support of accelerator programs is creating energy in the markets
Though there isn't necessarily immediate growth in manufacturing and medical devices, there are certainly more startups stepping into the markets. While Incubators and Accelerators used to be primarily tech companies, we are seeing a wider variety of medical device and product manufacturing companies as these entrepreneurial ecosystems thrive. To adapt to this growing market segment, we created an IFU Template, a product that will help qualified medical device startup companies focus on the required documentation for the FDAs premarket approval and successful product launch.
To learn more about what manufacturers are expecting for the year and growing market trends…