Risk management in complex projects, global collaboration, and rapid technological changes compel businesses to react by focusing on collaborating with partners in the entire product lifecycle (design, engineering, and production) and core competencies.
Creating complex products in such a scenario requires that all details about the product and its production process are accessible to partners, suppliers, and clients. Using an efficient product lifecycle management system, you can integrate processes, business systems, information, and people to effectively manage the product creation and support its lifecycle.
A product lifecycle management system is a system that can integrate important business data, processes, systems, and people in both small and big organizations. It facilitates the management of an entire product lifecycle from inception, through design and manufacture, to service and distribution of the manufactured products.
Why you need Product Lifecycle Management software?
#1 Efficiency in data analysis
A PLM system organizes a product or service cycle, tool, data, and workflow throughout the different departments of a business. The process facilitates better information flow and interaction between IT tools, processes, employees, and clients. A detailed data documentation is imperative for any product lifecycle, and a product lifecycle management software can help you collect and document this data effectively.
The software records a product’s design history right from the first planning phase through the design and manufacturing phases associated with an entire lifecycle of a product or service. Whether your company organizes it design history files through bill of materials (BOM) or phases of production, a PLM system allows you to document every important decision.
#2 Increased productivity
Today’s business environment is very competitive and accuracy is imperative when it comes to managing a product lifecycle. If your business can’t keep up with its workflow and continuity, the chances are that your clients will prefer products and services from your competitors.
A PLM system allows executives and employees to analyze and determine the company growth. Besides, the system makes it easier for you to track the products sold, the amount of revenue generated, and other crucial data for your company. Armed with such comprehensive data, you can minimize development expenses, improve your business productivity, and pursue other relevant projects aimed at enhancing your customer service.
#3 Integrated business functions
Today, both businesses and non-profit organizations house different departments including supplies, marketing, compliance, financial decisions and more. Wouldn’t it be wonderful if these common business functions are integrated within a single system?
#4 Everything accessible in one place
PLM integrates different business functions and also captures, analyzes, and documents business data effectively and store this information within a single system. This offers your company a consistent, clear product lifecycle picture that is both centrally located and can be accessed in one place.
Given the ever-increasing number of PLM vendors out there, it’s important to understand your business needs and pick a system that can address these needs efficiently. After all, nothing is more important to your business than a system that facilitates accurate data analysis and product assessment throughout its lifecycle.