A report released last month confirms earlier findings that materials modelling produces substantial ROI and improved product innovation, quality and reliability, among other benefits.
The four part report, conducted by Gerhard Goldbeck of Goldbeck Consulting Ltd and Christa Court of MRIGlobal, in conjunction with the European Materials Modelling Council, examined the impact of materials modelling on the manufacturing industry in an effort to better understand the benefits derived from materials modelling for industrial research.
Findings from the report, which included analysis of previous studies as well as results from a new survey, identified several benefits of materials modelling on the manufacturing industry, such as cost savings, increased innovation and an ROI of 8 after the highest and lowest ROIs were removed.
The study also outlined metrics and methodologies that can be used in the future to measure the economic impact of materials modelling.
The most significant part of the report is the Economic impact survey found in section four. The survey, which was conducted in the spring and summer of 2015, looked at 34 manufacturing organisations who had employed materials modelling tools on recent projects. The report finds several benefits of materials modelling, including more efficient and targeted experimentation, deeper understanding and broader exploration, as shown in the table below: