What is PLM?
A Product Lifecycle Management (PLM) software acts as a single source of truth for all the departments such as merchandising, planning, design, technical design, product development, materials development, samples, fit reviews, product testing, product quality, sourcing, manufacturing, retail presentation and more. A PLM software speeds up the product development process, stores all the data ranging from the concept, design, through manufacturing and service to disposal.
All the departments in the garment manufacturing industry can work on a single, web-based platform and communicate in real-time. A PLM software helps collect the product’s DNA in a file that can be accessed by everyone ranging from the designer to the manufacturer. While all the information is available on the same page, it helps everyone in the organization to save time and money from other error-prone manual processes.
Why do you need PLM?
There are five reasons that force you to adopt the PLM system for your organization:
As PLM acts as a single source of truth the designers can see the change requests instantly, manufacturers can inform everyone in the team about the potential delays, etc. it results in a unified process that reduces expenses.
Faster Time to Market
The unified product lifecycle management system reduces the barriers to getting the product faster into the market. With a PLM solution, apparel, footwear, and accessories businesses can quickly design, manufacture, and ship new products.
Better quality of the product
When businesses are able to track and analyze even the minute details of the final product, they develop the ability to determine the need for implementing better processes in manufacturing. Apparel, footwear, and accessories companies that have partners globally can have better quality control across the board with the use of PLM solutions.
Lowered costs and increased sales are the two aspects of revenue growth. Reduced cost is the direct benefit of PLM software whereas increased sales will require producing high-quality products at a faster rate for lesser costs.
What are the stages of PLM?
The first stage begins with researching the market to ensure if the product fulfills all the consumer requirements. It begins with analyzing a problem and whether the system solves the problem.
Once the product design is finalized, the design phase occurs. In this stage, businesses will create prototypes and look for new ways to enhance the product. Before settling down to the final product, developing, testing, and evaluating is carried out. PLM solutions can also include integrations with third-party vendors to streamline the design process.
In this stage, businesses need to figure out how their product should be manufactured. Fashion businesses can also plan the marketing strategy, sales goals, etc. for the product. As the data used in the production increases, it is necessary that the PLM suites each of its variables, else it may face unexpected costs, delays, and inaccurate forecasts.
At this stage, the product is distributed to various sales channels for sale to the customers. After selling the product, there may be some maintenance required. An apparel PLM software can also help apparel companies to manage retailers, distributors, and marketplaces it distributes to.
What are PLM ROIs?
The PLM ROIs include:
- Speed to Market: Delivering the right product at the right time in the right place.
- New Product Revenue Contribution: Releasing new products into the market, contribute more to the PLM revenue.
- Product Relevancy & Customer Ratings: When the right products are delivered, customers are satisfied and provide good ratings to the product.
- Product Line Sell-Through: It is comparison of the bbegiining inventory in units to the sales units for a month. Higher the percentage margins are better. Inventory is being sold at higher retail price.
- Product Component & Assembly Costs: PLM should store all proposed costs and negotiation details in one place so that the company can track and lower their component and assembly costs over time.
- Product Quality & Defect-Related Returns: PLM tracks the product quality rating via surveys and tracks the defect related returns. This tracking system helps companies make appropriate fixes to improve the quality of the product and reduce defect-related returns.
- Product Development Organization Productivity: A PLM helps footwear, accessories, and apparel businesses to track and improve the overall organizational productivity over time.
- Product Development Sampling Efficiency: PLM helps in keeping the track of the number of samples required over time and helps to change the process that will help enhance the sampling efficiency.
GoVise’s end-to-end PLM solutions include PLM consulting, implementation, customization, migration & integration, training, and support.
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