Product Lifecycle Management (PLM) is no longer limited to just the engineering and operations departments. PLM software manages the entire development of the product lifecycle, empowering a full-spectrum aspect of the product. It includes multiple features of how a product developed over various global cross-functional teams.
PLM is starting to find its way onto the executive agenda, as its ability to satisfy important health, safety or product stewardship issues is being noticed. Applying technology to PLM processes can have a major positive impact, but only if it has a business process focus; successful PLM projects place processes before technology.
Positive Impacts PLM can have in your business, whatever the size of your business
- Increased Productivity
- PLM enables companies to improve operational efficiency through removing non-value-added tasks, with streamlining and automating workflows and internal process where possible.
- Consolidating all product records, communications, workflows, designs, and documents in a single unified location on a scalable PLM platform increases overall employee productivity.
- Cost Management
- PLM provides a holistic view of the product lifecycle to various teams such as procurement and manufacturing. Utilizing the potential of collaborative designing opens the opportunity to reduce both material and production costs.
- There is a decrease in prototyping and scrap costs because of PLM’s position as a single source of authority. A complete understanding of the product lifecycle also prevents under or over-buying materials and prevents them from ordering duplicate parts or missing out on bulk pricing.
- Data integration
- The ability to share the correct information with the correct people at the right time comes into play, ensuring alignment of data throughout the organization is a massive timesaver.
- By having a PLM Platform everybody can access the same data and see updates and changes as they happen in real-time, reducing that risk of mistakes being made due to incorrect information. It frees up team members to spend time creating work of more strategic value to the organization.
- Accelerated Time to Market
- Along with PLM technologies, a product can be virtually designed, reviewed, analyzed and produced. All this combined means that the time taken to develop a product can be significantly reduced. PLM provides transparency and visibility, making it possible to examine timelines and make targeted cuts to improve efficiency
- In situations where moving fast can be critical, faster product development and a shorter time to market are essential to remaining competitive.
- Enhance Product Quality
- PLM systems integrate consumer and product data, giving teams’ direct access to customer feedback across the entire product lifecycle. Metrics such as units’ sales, adoption, and customer loyalty can be easily tracked, and this data can be used to continuously improve new products in the pipeline
- By using PLM, manufacturers can implement all the processes and procedures necessary to maintain both product quality and customer satisfaction. This is especially important for instances when teams are spread across different locations, to ensure that quality is not compromised
PLM solutions are light, fast, and often easy to implement. PLM is the foundation for digital transformation in product development. Once in place, it paves the way for the addition of new technologies such as artificial intelligence and 3D printing.
The world is changing fast, and PLM is essential for fashion and retail brands to keep up. PLM is not just a tool. It’s a philosophy and a thought process that will completely change the way you work for the better.