Product lifecycle management (PLM) is critical to the product development process and all business processes that rely on the product. Managing the product lifecycle might seem straightforward, but it can get complicated quickly, especially in enterprise settings.
As a result, product lifecycle management (PLM) systems have been developed to simplify the management of a product’s lifecycle and protect product quality throughout the product lifecycle.
This post will explain everything your business needs to know about product lifecycle management and PLM software.
What Is Product Lifecycle Management (PLM)?
A basic definition of product lifecycle management is the tactical process of managing the total lifespan of a product, from initial ideation through development and maintenance and, ultimately, to decommission.
PLM is the management of every aspect of a product, from beginning to end. PLM is concerned with everything related to the product. This includes product data management, document management, supply chain management, overall business strategy, customer feedback, engineering data, and more.
As you can see, PLM can quickly become a complicated task as the sheer amount of product data increases. Plus, chances are good that your organization has more than one product that must be managed, especially if your business is enterprise-sized.
You need a PLM solution to effectively manage the digital thread running through your products, supply chain processes, and business systems.
What Is PLM Software?
PLM software enables organizations to manage all data and processes across a product’s lifecycle. This PLM technology is especially useful for product development management across globalized supply chains.
An effective PLM system will make it easy for businesses to manage all data critical to the product development lifecycle, including real-time data from the production process, IoT data, raw materials, CAD data, and so much more.
PLM solutions deliver up-to-date information that goes beyond the production process to give organizations a competitive advantage and the ability to produce high-quality products that delight customers and benefit business operations.
The Business Benefits of Utilizing PLM Solutions
Using PLM software can benefit your organization and its process management efforts in several ways. The top benefits of PLM solutions include the following:
- Process unification
- Drive innovation
- Simplify compliance
- Holistic product data
- Utilize the latest technological advancements
Process Unification
One of the most significant benefits of a PLM system is the unification of business processes across the product value chain. When your processes are unified, your business can make faster, more informed decisions that have a greater impact on business outcomes.
PLM systems can bring all your product lifecycle processes together, from ideation to commercialization. Furthermore, these solutions can integrate ERP and supply chain systems data to streamline all product processes.
When your organization’s processes are working in conjunction with one another and are not undermining one another, your business can move more efficiently and deliver better products to end-users.
Drive Innovation
PLM software enables organizations to develop more efficient innovation pipelines and generate high-value ideas. PLM allows businesses to effectively design, develop, and manage engineering requirements in a unified manner.
Whether your business utilizes computer-aided design tools or third-party design and development partners, workflow management and innovation require a holistic view of data, especially when working in an extended enterprise environment.
If your business wants to drive innovation and support data sharing with critical product development teams, PLM software can deliver the results required to radically transform your organization’s innovation pipeline.
Simplify Compliance
Tracking and enforcing product compliance across global organizations can present significant difficulties. PLM software can simplify compliance processes by ensuring that businesses have the visibility and ability to quickly adapt to shifting global compliance requirements.
Ensuring compliance standards are met requires the capability to effectively and efficiently manage engineering documentation. PLM software makes managing and sharing compliance data easy, which leads organizations to design compliant products.
Utilizing these tools can make compliance management much easier for global organizations that potentially have to adhere to several standards in the various markets where they sell their products or services.
Holistic Product Data
One of the greatest benefits of PLM software is creating a single, unified enterprise product record. Modern, global business is complex. Businesses need to be able to make decisions quickly to take advantage of market conditions and emerging opportunities.
Making decisions is much easier when your organization has confidence in its data. PLM software delivers a holistic product record of all applications and products to ensure that organizations are resilient and can make decisions efficiently.
When businesses operate globally, tracking data across all products becomes difficult. However, a solid PLM system can simplify product management by delivering a unified view of all product data.
Utilize the Latest Technological Advancements
Tech advancements like Machine Learning and Artificial Intelligence are generating a lot of buzz in the business community. PLM software is beneficial for organizations because it enables them to leverage these HiTech advancements.
Take control of your organization’s product data and gain valuable insights with the help of tools like Machine Learning and Artificial Intelligence. Leveraging these technology advancements can give your organization a competitive edge in the market.
These HiTech tools have been proven to deliver deep data insights that otherwise would elude human analysis. Use technology to the benefit of your product and business goals with PLM software.
Final Thoughts
PLM is vital to the success of modern businesses. Luckily, there are several good PLM solutions available to businesses that make managing the sheer amount of product data simpler. These tools can lead to greater innovation and better decision-making.
If you want to learn more about product lifecycle management, PLM software, or the product development process, contact an experienced software development partner like Koombea.
