7 benefits of a PML (product lifecycle management) in your business
When a specific company or manufacturer needs to obtain, produce and distribute products anywhere on the planet, it will be very important to manage all data and processes through a single source.When deciding which software to incorporate in business, the choice should be based on the specific resources and needs of each enterprise.
You may be deciding whether to opt for a PDM vs a PLM: the difference is that a product lifecycle management system is ideal for large enterprises while a product data management system is better suited for smaller corporations.In other words, a PLM system ideal when it comes to managing large amounts of data and processes all in one system.This system has also become the appropriate source to manage all aspects concerning the product, from the initial development to the withdrawal of it.
To clarify further, we’ll show you several benefits a PLM can bring.
1. Reduced product lifecycle
By centralizing control over data, product development can be completed faster.In that case, the design teams can work quickly and streamline data transfer to the production team.There are times when accelerated action is needed. At that time, rapid product development and reduced time to market are essential for the company to be competitive.
Compliance Risk Relief
Another very important benefit of a PLM is the ability to manage a single version of the truth, for all product data.This is a great help in alleviating compliance risks. The main advantage of all this, is the prevention of costs, since, to any company, it affects the expenses of withdrawal of products, legal fees and loss of productivity.
Reduced material and production costs
Appropriately using the potential of collaborative design gives the opportunity to reduce material and production costs.Remember that a large percentage of the cost of a product is decided through the design stage.The cost reduction comes mainly from 2 main sources. First, there is a decrease in the costs of prototyping and waste creation.Secondly, the reduction of retrofitting costs, which will depend on the extent of total reuse of the product.
Significant increase in productivity
Companies implementing a PLM system, can eliminate time-consuming activities. This includes those that replicate data in different systems, those that verify data twice to detect any irregularities, among others.Another benefit of a PLM is that for any business working in product development or operations, it will be less likely to find processing errors and associated reprocessing, caused by the use of information that is outdated.
There are only 2 known ways to increase revenues: revenue growth and cost reduction.
That’s why a PLM will reach the point where its ROI potential will grow delivering higher profits.
PLM systems give companies the opportunity be more innovative without having to compromise their agility or flexibility.Regardless of the physical location of the product teams, they can work together to produce the best solutions and final product designs.In this case, the company will also be able to protect its intellectual property, so further innovation will not be compromised.
Improving Product Quality
By using a PLM, industries can implement all necessary processes and procedures to preserve product quality and customer satisfaction.This is very important when equipment is distributed in multiple locations. This way, quality is not compromised.