Business Impact

Business Impact Working Group



The NAFEMS Business Impact Working Group (BIWG) was formed in 2019.

The BIWG was formed to communicate the overall value of Engineering Simulation to business and how it is increasingly a requirement for continued innovation and the ongoing competitiveness of companies.

Large companies in industries like automotive and aerospace appreciate the value of Engineering Simulation but not
always consistently across the organization. For industries where the use of simulation is not as mature, the value that simulation can bring is less well understood. Small and medium sized businesses (SMBs) need advice on how to quantify
the benefits of Engineering Simulation for them such that they are willing to make the necessary changes in skills and work processes, and how they spend their development and engineering resources.

Aims

The Business Impact Working Group aims to:

  • Demonstrate, document, and communicate the business value of Engineering Simulation, particularly for SMBs
    and industries where simulation is not a mature capability.
  • Provide a framework for discussions with executive management and the commercial and financial parts of
    companies including, but not limited to:
  • Enabling savings – both people’s time as well as reducing the structural and operating cost of products.
  • Changed work processes that deliver higher quality (lower warranty costs), higher productivity, and better
    employee morale / engagement.
  • Insights that lead to discontinuous innovations which in turn lead to competitive advantage in the
    marketplace. 
  • Identify successful implementations of Engineering Simulation which have provided a demonstrable return on investment, and promote the lessons learned from these implementations.
  • Disseminate techniques that will allow organisations to maximise their investment in Engineering Simulation, including change management, skills development and simulation management. 
  • Develop guidance on how to democratize Engineering Simulation to maximize positive business impact.
  • Provide guidance on different methods of deploying an Engineering Simulation capability.

 

Terms of Reference

NAFEMS members can download the Terms of Reference for the working group below.

BIWG Terms of Reference