Electronic Product Development is the driving force of organisations and societies. Whether a physical product, such as vehicles, mobile devices, consumer electronics, white goods, and small appliances, or services that include the development of intellectual property products over a broad range of digital signal processing in wireless communications applications, novel electronics, IT solutions, new manufacturing, portable diagnostics and data gathering, and real estate marketing concepts, Electronic Product Development provides new value for customers, improves society, and continues an organisation’s existence.
Applying their expertise to develop solutions that will add value to consumers, Electronic Development Companies in Cyprus are continuously researching and developing innovative technologies for a wide range of industries and market sectors, including telecommunications, medical, security, and smart sensor systems.
Converting market need to reality-based solutions, creating the tangible from the intangible, and the creation of new wealth require considerable resources that sustain organisations by offering new value, which will ultimately generate additional revenue, and improve society beyond the immediate gratification of the consumer. Innovative drugs and automotive safety devices are prime examples of products that may not offer consumers swift satisfaction; however, they save lives and therefore improve society.
Revolutionary innovations are those that have fundamentally changed how we work and play, making it hard to imagine modern life without them. The digitisation of books, for example, has brought about great change, allowing us to envision a world without paper. The benefits of a paperless society will reduce our carbon footprint, save money, and encourage one to keep up with changing technology trends.
Artificial intelligence technologies, 3D printing, 5G technology, data centres, Wi-Fi, IoT, and the engineering of software-driven experiences to name a few, have reached the market and are integrated, thus encouraging business strategies to evolve. Therefore, Electronic Product Development is also a process of identifying market opportunities, defining the problem, developing a proper solution for that problem, and satisfying consumer needs.
Home to several businesses undertaking innovative activities in developing new services and products, the Cyprus Association of Research and Innovation Enterprises (CARIE) is an organisation that promotes innovation cooperatively for the interest of the society in Cyprus. Actively involved in research programmes worldwide, CARIE collaborates with the most important EU stakeholders in research and innovation, enriching lives locally and internationally.
CARIE’s profile includes organisations with experienced and multi-national designers and engineers that can take ideas at any stage of development, from concept and technical evaluation, and provide their clients fully developed designs, and product solutions based on their needs.
Electronic Product Development and electronic design are firmly rooted in their experience in electronics manufacturing. Collaboration between designers, engineers, and manufacturing specialists allows them to create a product that is designed for successful mass production from the outset, taking advantage of cost reduction, reduced risks, and a shorter time-to-market.
From personal computers, mobile devices, televisions and audio equipment to smart home appliances, consumer electronics are an indispensable element in everyday life. Like Electronic Product Development organisations, consumer electronics retailers in Cyprus aim to place their customers at the centre of their supply chain.
The Cypriot consumer electronics retail landscape looks quite different than it did even five years ago. The way consumers make purchasing decisions has dramatically altered. With increasing competition, consumer electronics retailers are facing multiple growth challenges. Today’s abundance of consumer options and evolving consumer behaviour has made the customer buying journey very complex. The final purchase decision for any appliance depends on multiple factors including initial awareness, online reviews, past experiences with the brand, its value, and more.
Investing in providing a great experience at every stage will help retain more customers and enhance revenue, not only for consumer electronics retailers, but also for the Electronic Product Development companies.
Although there are many differences between the development process of electronic products and digital products, Digital Transformation, however, provides dramatic opportunities for electronic product developers in the manufacturing sector, not only to differentiate their new products, but also to improve the way their products are conceived, developed, and launched. For the manufacturer undertaking new electronic product development, Digital Transformation means smart new products with embedded software.
Digital Transformation promises huge benefits in the field of new electronic product development, but also major challenges. It dramatically changes the Electronic Product Development organisation’s new-product landscape, its methods, organisation, processes, and even mindset, resulting in the reshaping of the company, centred around the customer experience.
According to Robert G. Cooper, an internationally recognised expert in the field of innovation management, “Digital Transformation is much more than just a change in IT technology such as hardware, software, or a digital platform. A digital transformation goes to the heart of business processes and transforms them to leverage digital capabilities that were unavailable during the industrial age.” Smart new products, specifically those that feature digital technologies built in, lead to differentiation and competitive advantage.
Over the years, Electronic Product Development companies in Cyprus have been internationally recognised with numerous awards for their cutting-edge innovations and initiatives that have made dramatic improvements to modern society, working hand in hand with leading European partners to maintain their reputation for providing innovative solutions across a wide range of industries and sectors.