Private Label Product Lifecycle Management (PLM) helps retailers meet these challenges. PLM provides the ability to streamline each phase of a product’s lifecycle, including conception, design, manufacturing, quality, compliance and support.
Reduce Production Cost
By eliminating extra steps and unnecessary rework, we reduce waste and save costs for your business. Periodic analysis of your assets gives you the best opportunity to review, change, and improve upon your current process to further increase efficiency and save costs.
A properly implemented PLM system for retail allows an enterprise to take a forward-looking examination of product costs to properly model the requirements necessary to produce future ranges and products. A product lifecycle management tool creates proper allocation of funds to prevent under-buying or over-buying materials. Utilizing a data-backed PLM tool creates minute insights which allow users to take leaps and bounds ahead of the competition. Reducing costs through a PLM system allows retailers to produce more products and build market share even faster than previously possible.
Increase Sourcing Visibility
A PLM system for retail automates vendor tracking in real time and enables faster access to document management, cost reduction results, and compliance tracking, among many other key data points.
The integration of these PLM tools allows for a reduction of risk due to compliance throughout the design and production stages of the development process. Once a product is finalized, PLM software allows corporations to keep detailed information on product versions and materials used in order to track usage across multiple products, which is helpful when dealing with recalls and alleviating costs. What PLM does is integrate product quality management throughout the product development journey, allowing retailers to make confident decisions around the innovation of their products.
Assure Product Quality
CBX offers a quantifiable compliance solution that allows for stronger collaboration and allows you to better review a vendors’ performance vs. KPI’s to make sure they are in compliance. CBX allows you to quickly create or cancel orders, as well as moving to alternatives in a speedy manner, which decreases waste and protects your business from fraud.
Top performing retailers utilize PLM software to integrate data about consumers and products to track metrics that are used to not only improve upon current product ranges, but to innovate in the future. PLM software is not just a solution to guide the product from ideation to a physical good. Instead, PLM tools allow large enterprises to harness organizational control by data-driven perceptions from multiple teams throughout the business. Many companies don’t realize the true meaning of what PLM Software is. It’s not “just another tool,” but rather a way to properly track and unify work across multiple teams to ensure deadlines are hit and that there is proper collaboration and synergy occurring throughout the development of a product.
Saves time and energy spent on translating different data formats thus allowing smoother transition and communication across all systems internally and externally.
Data sharing through a PLM system for retail creates the ability for scalability and efficiency within an organization. As global markets expand, it is critical to enable employees to access pertinent information at a moment’s notice. Emails and shared servers are no longer the answer to global collaboration, especially within companies looking to prioritize productivity and innovation. Thus, CBX Cloud allows teams to securely access their PLM tools from any device, creating a centralized hub to enhance visibility and build rapport amongst teams. Good data leads to informed decisions, allowing you to fast-track your way to the top of retail with PLM tools.
Improve Time To Market
Cut the time it takes to bring a product to market by cutting out inefficiency and managing the critical path. Improve communication both internally and externally by consolidating all conversations and documents onto one central location. Reduce redundancy, back and forth emails, and avoid delays that are often caused by miscommunication.
All of the advantages presented by PLM software lead to the ability for a company to scale quickly. By reducing bottlenecks and improving efficiency between multiple business functions, PLM tools create and environment where processes can be easily replicated for future products. A centralized system allows for business processes to continue, regardless of employees staying with a company or going elsewhere. Resources and projects can be re-assigned to ensure that the velocity of product innovation is kept at a premium. PLM is what allows top-producing retailers to continue to grow their market share, regardless of the current employee layout.
Streamline Product Development
Manage the entire product from initial concept through the development lifecycle from product brief, specification, artwork/packaging, sample approval, production and shipment.
The ability to centralize an entire workflow on one system allows employees to spend more time focusing on their role-specific tasks and less time sending and responding to emails and searching for information. PLM tools allow companies to create products which their customers love, but also boosts employee productivity and work satisfaction due to more streamlined processes and better visibility throughout the company. Siloed work leads to an inefficient use of resources, thus hindering the ability to innovate and generate goods at maximum potential. CBX Cloud removes this fear by creating a network around a centralized product, allowing resources and time to be properly allocated.
Regardless of how much experience your company has in the retail industry, our dedicated services team takes pride in implementing digital PLM enterprise system software that is built to boost revenue, increase, planning, productivity, and ensure efficiency throughout your global business operations. Contact us today.
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