Product Lifecycle Management (PLM) software manages the entire lifecycle of a product, from its very inception to its retirement. It offers a bird’s eye view of the product and how its development occurs under cross-functional teams at different stages of its life.
PLM software is crucial to business performance. It aligns and connects processes, data, and technology to enable a company to market the product faster. Small and large companies use it because it offers agility and flexibility, allowing them to scale when needed.
Most importantly, PLM is the only source of truth, from product concept to end-user. It allows you to identify bottlenecks and eliminate them using repeatable process frameworks.
It is wrong to say that only companies with complex products and supply chains require PLM. All companies that sell products can use PLM to their benefit. Here are some of the leading reasons why you need PLM software for your company.
Top Reasons for Using PLM
Ensure Compliance & Lower Risk
PLM facts can help ensure that your company is adhering to the relevant industry regulations. Non-compliance hurts your business reputation and its bottom line. Moreover, a PLM solution enables you to keep track of product version updates in a detailed, time-stamped manner. This reduces the risks of compliance violations and lost sales.
Attaining a high level of employee productivity is a business aim because it translates into better business performance. PLM software reduces infrastructure costs, improves operational efficiency, and enhances product quality by consolidating all product-related information in one place. This increases the overall productivity levels of your workforce.
Product Cost Management
It is the primary responsibility of the product development and production team to manage product costs. PLM helps in doing this by giving all decision-makers a comprehensive view of the features of oracle agile PLM. This, in turn, enables them to source the best possible materials and parts needed to make the product, thus reducing the overall production cost.
Reduced Time to Market
The ability to innovate and launch new products quickly sets some companies ahead of others. Research suggests that PLM helps a business market its product 75% faster than a business not using PLM.
PLM software increases your overall revenue by improving operational efficiency, workforce productivity, and time to market. It empowers your teams to collaborate in one centralized place. Moreover, it offers access to valuable customer feedback to all the teams in a closed feedback loop.
Businesses operate to earn profits, create raving fans, and leave behind lasting legacies. PLM solutions help companies achieve all that and much more. It increases revenue, delivers better quality products, and ensures brand loyalty. Are you still wondering why you need it?