Friday, 8 October 2021

5 Important Things You Need To Know About Product Lifecycle Management (PLM)

Every business in our times depends on PLM software to help it track the complete journey of its products. 

5 Important Things You Need To Know About Product Lifecycle Management (PLM)

It allows the business to stay in touch with the ground realities from product design and development to marketing, sales, and logistics management. 

A good PLM process is integral to any business because of the following reasons- 

  1. Helps the management take informed decisions based on data analytics
  2. Improves the various verticals and touchpoints that the product passes through
  3. Take corrective steps to ensure feasibility with budgets and revenues
  4. Provide maintenance, service, and value-for-money propositions for consumers

In recent years, most brands are dependent on quality PLM software like ENOVIA to help them manage their processes. 

In this article, we are going to look at five important things you need to know about Product Lifecycle Management or PLM. If you are a CEO, Founder, or High-Ranking Executive, you should be interested in what we have to say. 

List of 5 Important Things you need to know about PLM

  1. Great for Promoting Internal Communication between Teams- 

One of the first things that you should know about PLM software is that it helps boost teamwork. 

Different verticals in the organization that works on the same product can be guilty of being placed in water-tight compartments. 

A PLM software helps break down these silos and enables productive cross-team communication that helps in achieving KPIs. 

  1. Improves Organizational Efficiency and Product Delivery- 

Great products are successful not because of just one or two reasons. They need to be excellent at every step of the process. 

From the design to the manufacturing, to post-sales service, and even reusability. Efficient organizations ensure that they are getting the most value out of their products not only for their own business but for their customers as well.

  1. Making Informed Decisions based on Data Analytics is Possible- 

Designers and engineers who are working at the design and development stage can use data from PLM software to help them fine-tune their offerings. 

They can use data from past products and see the response of the customers, address their pain points, and then proceed ahead with a new product. It also helps the management stay on top of every major decision. 

  1. Allows for an Understanding of the Costs and Price Inputs- 

Some of the best PLM software like ENOVIA ensures that the process takes into account the bill of materials. 

This means that the organization is aware of the investments that are being made at every stage of the product’s lifecycle. 

This is necessary when it comes to fixing prices of new and existing products and ensuring that the company stays financially profitable. 

  1. Results in the Manufacturing of High-Quality Finished Products- 

One of the outcomes of using PLM software is the fact that it can result in the creation of a world-class product. 

With data, AI, and ML informing the design and development process, companies can hope to create stellar products that fit their budgets and are value-for-money propositions for their end customers. Feedback can be integrated into the performance aspects. 

Explaining Product Lifecycle Management with the help of an example

In this section, we are going to demonstrate how PLM works in a real-world scenario. 

Let us take the example of an automobile brand and make the product a car. 

  • A new car model is designed and developed following an extensive user research process. 
  • All the components of the car are measured and their pricing is sought from the different vendors, which supply the parts. 
  • The costs of the manufacturing, labor, design and parts are filtered in to understand how much the car will cost to the eventual buyers. 
  • Decisions are taken to cut prices, features, and functions where possible or add them where necessary. 
  • The marketing, advertising, and promotional costs of the new car model are taken into account. 
  • The transportation, dealership fees, and the final presentation to the consumers are decided on. 
  • Service and maintenance networks, training employees for the new technology, and all other associated operational areas are covered. 
  • After the car has been used, the possibility of returning the car to the brand in exchange for money is calculated. The brand uses the internals and other workable parts. 

All the above and many more processes and steps are involved in Product Lifecycle Management. 

The Bottom Line

A brand, which is able to take proactive decisions to optimize all the above-mentioned steps is the successful one. 

Small optimizations and tweaks thanks to PLM can go a long way in improving profitability and endearing the product and brand to the customers. 

If you have any other questions, you would like us to answer on PLM, let us know in the comments below. 

No comments:

Post a Comment

Please Donot Enter Any Spam Link In The Comment Box.