Product lifecycle management- What Are the Main Objectives of Project Management?

Product lifecycle management- What Are the Main Objectives of Project Management?

Project management is an extremely powerful discipline and skill-set that can make significant improvements to a business. It achieves this  through creating new products and services, improving how businesses do things and More »

Basics of Product Lifecycle Management

Basics of Product Lifecycle Management

Production Lifecycle Management (PLM) is a strategic approach to business that uses a consistent set of solutions to facilitate the creation, distribution and management of the product development process. PLM integrates all More »

 

Basics of Product Lifecycle Management

Product lifecycle management

Production Lifecycle Management (PLM) is a strategic approach to business that uses a consistent set of solutions to facilitate the creation, distribution and management of the product development process. PLM integrates all the people, data, processes and business systems involved in conceptualizing a product to bringing it to life.

Advantages of Product Lifecycle Management

The streamlined processes mean that products in development are finished faster and released to the market sooner. Also:

  • Cycle times are improved.
  • There are less errors.
  • There is less waste in terms of scrap and having to repeat processes.
  • Productivity is higher.
  • Product designs are better.
  • Product quality is higher.
  • Cost of product development and introduction are lower.
  • There is more input and insight from everyone involved as they can all communicate through PLM software.
  • Accurate reports and analytics.
  • Faster review and approvals
  • Better use of resources

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Returns on investment from Product Lifecycle Management

Businesses and organizations that use PLM see dollar on dollar returns on investment (ROI) in addition to the other benefits. The ROI can be broken down into three classes in terms of when the returns are realized.

ROI that are seen immediately or now are infrastructure savings and they start accruing right from the first day that PLM is started. These returns come in form of more streamlined process and overall product development process improvement with the use of PLM software.

The returns that are seen in the coming year are improved business operation metrics that see high quality, certified products released to the market sooner. The returns that come in after five years have to do with having a competitive edge over competing products, savings realized from streamlined processes and better business strategies.

Do you need Product Lifecycle Management?

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Answering the following 10 diagnostic questions should inform the decision as to whether a business or organization’s needs PLM:

  1. Are you involved in developing or manufacturing uncommon items but face challenges in doing so? PLM would definitely help you to come up with designs for such products, put them on the market faster and start seeing returns sooner.
  2. Are you planning to recreate your brand with a new, improved products? PLM will help you to develop your improved product in a streamlined process that will see you re-enter the market with a bang sooner rather later.
  3. Are you spending time and money on product development with nothing to show for it? If so, you need PLM to be able to see the big picture including the final product and accurate analysis and projections about how it would do in the market. PLM will help you see the big picture so you won’t waste time or money on projects that are doomed.
  4. Do the new products you develop make the most of the designs, technology, parts or other intellectual property you have? PLM will point out specific product strengths and weaknesses so you can keep working on those that show potential by tweaking original product designs.
  5. Are you spending a lot on warranties? PLM can help to eliminate this in one of two ways. It will allow you to trace similar products by serial number using PLM software and it will take you guide you in warranty matters more so where there are time pressures because of planned product launches.
  6. Are you having a problem communicating with everyone involved in product development? PLM software puts all the players on the same page so they can all see the emails, memos reports, updates and other documents as soon as they posted which keeps the process moving smoothly and without delays.
  7. Are companies you have acquired slow to deliver their synergistic value because it has been hard to merge product lines? PLM will merge and streamline processes and make a team of everyone involved so that products get released faster and returns come in sooner.
  8. Are there any big problems to do with regulations now or that could up in the future that would require electronic tracing? IPM software comes with compliance requirements which are easily updated. If new guidelines to do with the safety of a product are released, you will know early and avoid legal problems or losses when you have to recall products from the market.
  9. Is the engineering value of existing products important to reduce the cost of manufacturing and the performance of your supply chain? PLM will provide a platform that makes it easy to collaborate on product designs, more so that need speciality manufacturing processes which could increase the cost and time span before a product is released into the market.
  10. Is there a disconnect between what consumers need, the marketing strategies being used and product enhancements? PLM involves using web surveys to really understand what consumers really want. You can use it to capture customer and market data and include it in the process of developing products.

Conclusion

art_lifecycleApart from costs and benefits, it is necessary to consider risks in regard to the value that can be gained from product lifecycle management. It has been found in studies that the key risks are the cost of PLM implementation. It has also been proven that PLM benefits are worth the investment and that the benefits far outweigh the risks.

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