A great challenge for product managers is keeping track of which products are in infancy, which are at their peak profitability, and which are nearing the end of their run. Product Lifecycle Management (PLM) can address these issues with ease, but some companies still wonder if investing in a system that tracks a product from “cradle to grave” is worth it. Here are 4 benefits the best PLM software can bring to a company almost immediately.
There are two ways to increase the profitability of an existing product: boost sales or reduce costs. PLM system software lets the end user and product manager see where each phase of a product’s lifecycle is and how much it costs in terms of time and money. From there, processes are streamlined or even cut out, redundancy is eliminated, and cost-cutting measures that will not sacrifice quality are enacted, boosting profit. Whether you opt for customized or retail PLM, the ability to identify areas of cost-cutting potential becomes much easier than trying to manage it all without automated help.
Eliminating redundancy, cutting unnecessary steps, and streamlining product phases are all ways that PLM helps a company boost its productivity. If, for example, PLM software helps track where a product is in terms of raw materials with a simple review of its status in the system, then less time will need to be spent tracking down individual components manually. PLM is also always using up-to-date data. Often, decisions that are made without up-to-date data end up costing a lot in terms of production and wasted effort; with PLM, the data associated with a product is always fresh if each phase of the lifecycle is keeping current.
By working with a PLM software company to customize the data you want to track, quality assurance checks can be incorporated into the actual management of the product. Spot checks at various intervals of a product’s path to market, for example, allow for the identification of quality issues where they happen, as opposed to finding out about them once the product is available to the public. Another way PLM helps boost quality is by tracking production data to see where production processes break down and cause delays.
Quality procedures can also be built into a production lifecycle. The product will be unable to move forward without addressing that part of the process, thus ensuring quality checks at each step are always completed. This is particularly important when a product is manufactured in a geographically remote location. With PLM software, product managers can now check the status of any project and verify that the necessary reviews and checks have taken place.
Increased Compliance Levels
Almost every product has a level of government compliance it must meet in order to be legally sold. With PLM, tracking compliance throughout the lifecycle is much easier than doing it piecemeal, with multiple personnel all verifying one aspect of the product and its compliance level. Additionally, since your average PLM software company is adept at building processes into its software, compliance checklists can be easily incorporated into management cycles.
PLM software is a game changer for product management. Managers can now pinpoint exactly where a product is in its lifecycle, and what needs to happen to move it along. Check out CBX Software to experience the advantages of adopting PLM as your production management tool.