07 May 5 Key Benefits of Product Lifecycle Management for an Organization
The product lifecycle management software (PLM) offers an all-round view of the product across multiple cross-functional teams. Therefore, it acts as a single chief source to control and monitor all the data and processes that happen within a company. PLM covers all aspects of every product from the initial stage to its final development.
One can witness the reduction of bottlenecks in large organizations with the introduction of PLM. Companies need to undergo a digital transformation to meet the competitive edge, increase customer satisfaction thereby increasing the overall business. Let’s explore some of the key benefits of PLM below.
1. Increase in Productivity
A company that hasn’t implemented product lifecycle management is expected to spend more time in performing the primary activities. This, in turn, consumes more time, involves more costs, and increases the time to market. Whereas, consolidating all product information such as designs, plans, workflows, and communication on a single PLM platform increases overall productivity.
Also, the contextual collaboration helps to avoid using numerous tools and e-mails to know about the project updates. The modern and next-generation intuitive user interface results in exponential improvements in the adoption rates.
2. Reduction of Risk
Product compliance plays a vital role in completing the loop between manufacturing, sales, and service. Hence, non-compliance with regulatory standards leads to severe damage to brand reputation thereby affecting customer retention. However, an organization can overcome this with the help of product lifecycle management by getting informed about any deviation in the process.
This ensures a reduction of risk due to delays, loss of sales, etc. The PLM software helps eliminate risks by proper planning in the initial stage of designing, promising a greater degree of success in the later stages. It makes certain that the costs are met with resource availability and supply in a constrained environment.
3. Reduced Time to Market
Companies of all sectors strive hard to launch new and innovative products to stay ahead of the competition. In such a case, Product lifecycle management assists companies to market extremely faster. In general, it takes more time to hand-off from one team to the other when the information is to be recompiled every time and can’t be viewed instantly.
Besides, the product version and other information can go wrong when shared via e-mails. Whereas, PLM renders a collaborative environment for the teams to discuss and fix the issues at the earlier stage. It helps product information to flow seamlessly between every team and allows data access from any platform globally.
4. Cost Reduction
PLM provides a comprehensive view of the product lifecycle to every team involved. This lets them look for cost-effective and durable raw materials. The manufacturing and procurement team can discuss and come up with their feedback during the designing stage to make recommendations. This reduces the costs later in changing the materials due to non-compliance. Also, it helps to avoid stocking or under-buying of materials.
The aggregated database enables the manufacturing team to find out the re-usable products. This avoids duplicate orders or missing bulk pricing. The scalable PLM assists companies to reduce their Total Cost of Ownership and Total Cost of Implementation.
5. Products with High Quality
Most of the high-performing companies use product lifecycle management to integrate consumer and product data. This helps companies produce new and innovative products back-to-back. Also, PLM gives all the teams direct access to customer feedback during the complete product lifecycle. All the relevant metrics such as the volume of sales, user adoption, customer loyalty, etc. are easily tracked.
These details guide in continuous improvement and the invention of new products. PLM also helps in tracking the product issues quickly and effortlessly. Besides, the quality process and design process work closely leading to an agile workflow. This ensures that the products comply with the regulatory standards.
Hence, there is no wonder if PLM scales your business by increasing customer loyalty and centralizing data sharing. 360-degree improvement in efficiency results in increased revenue in an organization. Hence, Product lifecycle management when integrated with AI, IoT, and sensors, CRM, or ERP assures to have a bright future. If you are amazed by the way PLM benefits and like to implement it in your organization, contact Cyber Chasse.
I hope this post gave you insights into the perks of implementing PLM in your organization. So, leave your comments below. For more such interesting topics, follow us!