For companies and manufacturers that need to design, source, produce and distribute products around the world, having single source to manage all the data and processes is essential. Having a PLM system is the way to achieve this; PLM has become important as the single source of truth for managing all aspects of the product from initial development right through to product retirement. But, just implementing PLM is not in itself a business benefit.
So, what are the advantages of having a PLM system? Find out below the 7 key PLM business benefits that you should know about.
It’s no secret that the medical device industry is a heavily regulated one. The devices produced have to be efficient, accurate and kept up to date. Ensuring a high standard throughout the whole process will successfully help save lives.
With the ability to scale up and down as needed and a faster time to value, it’s no wonder organisations are increasingly moving their PLM to the cloud.
By 2020, experts believe the number of Internet-connected devices in use worldwide will reach 20.8 billion. In 2016 alone, it is predicted that 5.5 million ‘things’ will join the Internet of Things (IoT) revolution every single day.
The process of managing the entire lifecycle of a product from initial idea scribbled in the back of a notebook to eventual release is incredibly complex. It therefore stands to reason that manufacturers need the best, freshest tools if they’re to get products to market efficiently.
In today's world of evolving product complexity, especially with smart, connected products, product development processes themselves need to evolve. Companies must now manage a complete product definition, including all aspects of electronic, mechanical and software. This definition must be understood across all disciplines contributing to product development. It must be understood and viewed across the entire lifecycle, from to release to obsolete.
We're all used to instant, intuitive apps on our phones, which can be downloaded and used without training. Well why not have the same experience for PLM? Having ready access to information is especially important for product development companies where product-related information is their most valuable asset.
Manufacturers have unprecedented opportunities to add value to their customers. At the same time, these opportunities are making their world more complex. Now, products are going to exist on the product itself. But they may also exist in the cloud and in the app that someone has on their phone. All of a sudden, this idea of product development becomes more interesting and more complex.