Projects are more complex. Products are becoming more advanced. So, it comes as no surprise that business processes, engineering, software development, design, analysis and the other responsibilities that are part of an enterprise’s operation need a better model to support product development.
What can you do to combat these challenges?
PLM systems, such as PTC Windchill, manage all aspects of the product lifecycle, from concept design to product retirement. PLM can be used to increase output with constant resources, to increase revenues or to reduce the resources used to produce a constant output. This all helps to improve the bottom line. PLM helps organisation to achieve this through:
- Efficiency improvements
- Improving development for new products
- Reduced costs
- Increase productivity
- Improved quality of products
PLMs can also be used for regulatory purposes as well as for quality assurance by supporting traceability, which is required in a wide range of industries.
Increased Innovation/ New Product Development
Product development is the key to future innovation. But, the challenge here is new products take a long time to develop and reach the market. Without a system to manage all the different aspects of creating a new product, it is very easy for product development to run late and over budget.
PLM helps to make the product development process more transparent and improve efficiencies. This leads to more innovations, shorter product development cycles development and time-to-market and better determination of the status of new product development undertakings.
Management of Intellectual and Information Assets and Property
While most enterprises agree that intellectual property and assets are some if not the most important of assets in the organisation, it doesn’t means they have a comprehensive policy or strategy for managing information and intellectual property.
Information that is hard to access, search, retrieve and index is not helpful- especially when dealing with large data volumes. Additionally, having to recreate design data and documents that cannot be found is tedious and expensive. On top of this, a comprehensive PLM system enables companies to reuse existing information.
8 Benefits of Using PLM:
- Development of customer focused products leading to growth in market share
- Retention of a product’s market share due to competitive pricing, traceability and better quality.
- Meet demand better due to improved efficiencies.
- Design for ongoing revenue streams
- New market development
- Realisation of a price premium due to improved efficiencies increasing the profit margins
- Lower product cost due to use of less resources, better efficiencies and shorter time-to-market cycles.
- Lower lifecycle cost
Want to find out more about the value of PLM? Download the free report here-