Product life cycle management
Introduction to PLM, including tools, systems, and the substantial benefits it can bring to your business.
Product life cycle management is a strategic approach that can help you steer your product from start to finish - from concept and design to production, distribution, and eventual retirement.
What is product life cycle management (PLM)?
Product life cycle management is the process of overseeing a product from its inception to its eventual discontinuation. It involves a series of stages comprising:
- ideation and development
- introduction of the product to the market
- growth as the product matures
- decline of the product
Each stage has its own set of challenges and opportunities. In most cases, you can use specific product life cycle strategies to try prolonging the life cycle of your products.
Key benefits of implementing PLM
There are many potential benefits of effectively managing the life cycle of your product. For example:
Improved product innovation
Having a process for product life cycle management can encourage collaboration and the sharing of ideas in a business, resulting in more innovative products that can meet market needs better.
Enhanced time-to-market
Efficient PLM processes can speed up product development cycles, enabling you to get your offerings to market faster than your competitors.
Better resource management
PLM can help you allocate resources optimally, ensuring that your team's skills and time are used efficiently throughout the product's life cycle.
Cost savings
Through better resource allocation and waste reduction, PLM can lead to cost savings across various stages of product development and production.
Regulatory compliance
Many industries have strict regulations. PLM systems can help you manage compliance requirements, reducing the risk of legal issues and costly recalls.
Improved communication
PLM tools and systems can streamline communication between departments and teams, reducing misunderstandings and enhancing overall efficiency.
Better decision-making
With access to real-time data and insights, you can make informed decisions about product improvements, investments, and retirements.
Tools and systems for effective PLM
For product life cycle management to be efficient, there are digital solutions that automate the administrative processes that go along with product development. Some of the solutions you could consider include:
Product data management systems
Systems for managing product information ensure that everyone works with accurate and up-to-date data, including design files, specifications and documentation.
Computer-aided design (CAD) software
CAD tools facilitate the creation, modification, analysis, and optimisation of product designs. They are vital for ensuring products meet performance and safety standards.
Collaboration platforms
Tools like project management software and communication platforms help teams collaborate seamlessly, even when they're geographically dispersed.
Dedicated PLM software
A comprehensive product life cycle management software can provide end-to-end visibility into your product's life cycle. It covers everything from design and prototyping to sourcing, manufacturing, distribution, and retirement.
Data analytics tools
Tools for analysing data can help you make sense of the vast amounts of information generated throughout the product life cycle. They offer insights that can guide your strategic decisions.
Enterprise resource planning (ERP) systems
ERP systems integrate various business processes, including finance, inventory, and production, into one organised system. This integration can improve efficiency and accuracy across the business.
How to implement effective PLM
PLM implementation will begin by assessing your needs. Try to understand your product's life cycle and identify areas needing improvement. You will then need to determine which PLM tools and systems align with your business goals.
Once you choose the tools that suit your business size, industry, and budget, you should train your team to use the tools effectively, to ensure smooth integration into existing workflows.
For PLM to deliver positive results, you should also encourage collaboration among departments, allowing each to have input throughout the life cycle.
Finally, you should strive for continuous improvement. Regularly evaluate your PLM processes and tools and update them as needed to adapt to changes in your business environment.