Product Lifecycle Management is the technique of managing a product or service from conception through its end point. This includes managing it through design, manufacturing, distribution, service, and disposal. More and more, PLM in the retail industry is becoming the principal way of developing and selling products; here’s how it can help you.
Streamlined Processes
PLM lets a manager identify redundancies and deficits with ease. That allows them to tailor management strategies to eliminate waste and speed up production time as well as save money. By eliminating unnecessary processes, the entire project management system is also improved, leading to greater product quality and overall development and production outcomes.
Lowered Costs
In addition to lowered costs by eliminating redundancies, PLM also helps lower costs by letting managers identify where savings can be found. Further, throughout the development process, PLM can help identify deficiencies in a prototype in terms of the logistics of production, capabilities of the product and delivery issues. Once a product is introduced, PLM can help lower the overall costs of a product by identifying when its value or appeal as a product starts to diminish.
Better Project Management
There are many project management tools on the market, but none track the life of a product with such detail. This not only helps with pinpointing areas that need improvement, but it also helps monitor a project down to the production level as it moves through the project process. It’s no longer necessary to hold group meetings to identify where a project is in its scope. All one has to do with retail PLM is keep the product databases updated and anyone can see, in real-time, where a project is in the process, where it might be delayed and how it’s going against estimated time and money costs.
Larger Profits
The purpose of retail PLM solutions is to make it easier to manage the life of a product and reduce costs. Saving on a project by the elimination of redundant processes or bottlenecks means its overall costs will be lower, which means more profits for the business.
PLM software has revolutionized the way products are managed at all levels of their life cycles. Check out what you can accomplish with a PLM software system. Call CBX Software today!
