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Why start early if you don't have to? Digital Product Passports are still a moving target. Isn't it better to wait until all cards are on the table?
No, is our answer. There are enough cards on the table to start moving.
And the rewards are obvious, once you pause to think.
Set yourselves up to finish ahead of the competition
Being early in providing digital product passports will differentiate you positively from the competition. You will be seen as leaders, proactive and more responsible than the rest. Most likely, you will gain market share and maybe even command premium margins, at least for a while. You might even get some positive publicity?
The sooner you start, the earlier you will finish
Getting compliant with digital product passports will take both time and effort. The sooner you start, the sooner you will finish, quite naturally. It's not only a matter of finding and compiling the data. You will also need to implement systems and processes to verify and update the data - continuously. Maybe even modify designs, production methods, suppliers or transporters. How long will that take? It's not unlikely that you will need to build or recruit some new skills that will be in high demand, dealing with data management and supply.
A transformation, both of operations and mindset
The shift brought about by digital product passports isn't limited only to being able to provide the data. It's also a transformation of how you think of your product and processes. As we have highlighted in other articles, digital product passports will expand the notion of what is your product, from a physical item to include also the data about it - up-to-date, verified easy to access - continuously.
Completing that transformation of mindset ahead of your competition is likely to set you apart even more from your laggard competitors.
Positive side effects for quality
As just pointed out, the notion of what is your product will get extended to the data about it. Likewise, the notion of what quality is will be extended to cover the consistent quality of the DPP data.
As the definition of quality is expanded to cover a range of specific environmental aspects, there will be more data points to monitor, likely to lead to improved consistency of the quality of the physical product too.
Getting ready for digital product passports will mean an overhaul of your entire production: sourcing, processes, logistics to make sure you comply with the specifications and are able to provide reliable and stable data. Data to be trusted.
The sooner you're ready for DPP, the sooner you will be prepared to leverage new opportunities
Who could have expected the proliferation of digital apps currently available when Apple introduced the App Store concept? We're convinced that we will see a similar development once the digital infrastructure is established for handling and providing digital product passport data.
Creative businesses will start identifying other data services that can be distributed the same way, maybe through the same channel. Data services that can boost the value of your products to buyers, or make the distribution of current services more efficient. We've covered the topic in Digital product passports – expanding what is your product
Aren't there any cons? Only pros?
Of course, it always takes an extra effort to break new ground, and a risk of having to change course along the way. As we wrote in the first paragraph, the target is still moving.
But what is the alternative? Being late to the party? Seeing your competition advancing their positions while you fall behind? When was that an acceptable business strategy?
The effort to get ready for digital product passports will be considerable irrespective of you starting late or early. Why not start early to get the chance of reaping the extra benefits?
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