Identification of Innovation Potentials by Extending the Value Analysis to the Product Lifecycle

In order to ensure manufacturing companies’ competitiveness, it is necessary to offer the right products in the right quality at the right time to the market. In an increasingly dynamic market environment that is characterized by volatility, uncertainty, complexity and ambiguity (VUCA), it is difficult for companies to systematically identify the customer needs and fulfill those by corresponding products. A solution to address these difficulties is the value analysis. The value analysis aims to perfectly fulfill customer value and simultaneously keep the cost range by preventing overengineering. The value analysis is generally performed once for a specific product. With the potential that arises with new technologies and connected products, the value analysis can be performed continuously by analyzing IoT data during the product lifecycle in order to identify innovation potentials. Thus, the customer value can be increased systematically. The aim of this paper is to extend the value analysis over the product lifecycle to identify innovation potentials by integrating IoT data.