Product Life-Cycle Management
Product life-cycle management is the practice of systematically planning, controlling and documenting a product throughout its entire lifecycle.
A product’s lifecycle consists of the stages it goes through from conception to retirement.
- In this blog post, you will find the most recent and notable uses of PLM software.
- The recent use of PLM software in many organizations seen good results like usage been to reduce costs, improve productivity and increase efficiency.
- PLM is centralized hub containing all product-related data.
USING TODAY’S PLM
Today’s PLM systems are still on the cloud and these PLM software comes with a lot of benefits, few benefits are listed below:
- PLM software is used in this process to manage tasks such as market research, design specifications and prototypes, manufacturing methods, various suppliers standard parts selection (for mass production), inventory tracking, quality control or risk management.
- Streamline collaboration between internal different teams.
- PLM provides a hub for project-related data to accelerate teams to share critical, real-time information among themselves with ease.
- Project brainstorming is easier.
- Accelerate time to market.
- Reduce risk businesses to decrease production time.
- Today’s PLM systems help teams track their products’ development.
- Detailed planning and modeling enables teams to identify problems early on.
- Compliance and risk professionals can quickly pinpoint problems in the supply chain or in calculations, reducing overall risk.
- Increase revenue. Faster, safer production helps businesses cut costs and increase their revenue.
The only downside to PLM solutions is that they come with a price. But compared to above given PLM’s benefits, the up-front cost is often worth the Return on investment (ROI).
Today, PLM is a more cohesive set of tools that various departments use to help them work together.
In the future, PLM will be a circular tool, empowering businesses to both design their products and rework those designs to create more optimized products
PLM enhancements will make PLM more critical to businesses than ever before. These Enhancements has even become a requirement for some IT departments.
Few are well-known reputed companies who uses PLM are in aerospace, automotive and defense sectors, few are well-known listes below.
Airbus, Boeing, Volkswagen,ALFA Laval, BE Aerospace, BEHR, BOSCH….