Are You Keeping Up with the Converged Digital Economy?

I just returned from the ANSYS 18 events in China and Taiwan where I shared my perspective on the convergence of industries. I used the rapid pivot of automotive and high-tech industries towards each as an example. And while I had ample presentation material, Intel’s $15 billion purchase of Mobileye was a great validation. Mobileye is well-known pioneer in autonomous vehicle technologies. It is nice to have $15 Billion dollars to make your point!  This illustration from the Wall Street Journal also showcased similar recent investments by other companies.

The connected, autonomous vehicles are just one example of the transformative impact of digital technologies. Companies like Airbnb and Uber have disrupted decades-old hotel and transportation industries. And it is not just the upstarts. Industry stalwarts like GE have not only embraced digital, they have created platforms to enable others to do the same. Jeff Immelt, CEO of General Electric, noted that,

If you went to bed last night as an industrial company, you’re going to wake up this morning as a software and analytics company.

Digital transformation initiatives will generate over $100 trillion in global economic value by 2025. An estimated $3.9-$11 trillion of this will come from the Internet of Things (IoT). Mobility, cloud computing, and automation are just some examples of IoT technologies manifesting across the business world. Miniaturized electronics, cheaper sensors, and faster communication technologies are making the digital journey possible.

The connected devices, from smartphones to cars, airplanes, and wind-turbines are generating vast amounts of data. By 2020, we will generate, replicate, and consume over 40 Zettabytes of data annually, a ten-fold increase from 2013.  Yet, we are presently analyzing less than 1 percent of this data to drive business outcomes.

I shared this perspective with an audience eager to learn how to transform their approach to engineering more innovative products faster. Last year, the China Patent and Trademark office processed over 1 million patent applications, topping the next three countries — US, Japan, Korea — combined. This was an increase of more that 18% over 2015 and included patent filings from overseas. China is becoming an innovation hub.

Quickly developing cost-effective solutions for the digital enterprise requires changes to engineering product development processes and operations. We are seeing industry pioneers break down the traditional engineering silos and create a common simulation-based working environment. This simulation platform-driven approach increases the chances of meeting product launch window by 24 percent. These are critical metrics that can define whether your product development efforts succeed or fail.

ANSYS technology is playing a key role in driving innovation for the converged digital economy. Engineering simulation is enabling engineers to digitally explore the design space and quickly converge on the best options. Digital prototyping is saving organizations valuable time and resources and speeding time-to-market.

For example, it is estimated that over 8 billion miles of driving will be need to fully test an autonomous vehicle. This very impractical challenge can only be addressed through simulation. And, finally, digital twin technology can take the Zettabytes of data and convert it into actionable insights that drive operations and product innovation.

I am inviting you, as I did my audience in China and Taiwan, to learn more about these topics so that you can keep up with the converged digital economy.