In recent years, a number of leading high tech companies have found themselves suddenly following the competition. They have lost their place as market leaders of the pack to younger upstarts. Partially, this can be explained by the ability of the competition to leverage and optimise their product development processes to beat the leaders to the market with the most innovative products.
Product Lifecycle Management enables companies to manage all the data, information, and communications for the entire product lifecycle – covering all stages from concept development through to product retirement. But, actually knowing when the time is right for your organisation to take the steps to implement a PLM solution isn’t always easy. Recognising the signs that PLM is the right move for your organisation can make the difference between remaining competitive and falling behind in your market. Here are 5 of the common indicators that PLM could be the next move you need to take.
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.
Designing and creating innovative products is hard. Not only are customers more discerning now, but also market pressures and competition are tougher than ever before. It means that even successful companies are having to re-evaluate processes and best practice to gain that edge.
When it comes to starting a PLM implementation in your organisation, should you be looking to start by organising your data? Or do you need to begin your implementation by integrating your processes with PLM. Today, we’re going to look at the arguments for both sides. Just to be clear, what we are discussing is where should you focus start when it comes to PLM. Should it be data or process? This is not about whether you already have your data and processes under control.
Industry research shows that the root cause of 56% of all errors identified in products and engineering projects are introduced in the requirements phase. So, it’s better to get it right the first time. Mechanical, electrical, and software design is driven by accurate product requirements. However, poor communication of requirements to and across all engineering disciplines are documented to be costly and time consuming:
A PLM system brings together all your product data, to create a single source of authority. PLM makes it possible to manage a product from initial concept, right through its lifecycle. It allows for all stakeholders to have access to the information they need, to make decisions and create better quality, more cost-efficient products.
As part of any PLM system, there are the essential must have components, which are needed for the system to be fully functional and effective. But in addition to the must have components of PLM solutions there are the extended values. These further increase the capabilities and reach of PLM, to provide a more comprehensive source of authority.
Increasing numbers of manufacturers are utilising PLM solutions, to optimise all aspects of their product development processes. Nevertheless, it can be hard to offer a precise definition of PLM. Yet, to know exactly how PLM can benefit business, it is essential to know what PLM solutions have to offer. Regardless of how PLM is defined, there are the ‘must have’ components, which are vital for any PLM solution to be effective. We’ve put together an overview of the 7 essential components of PLM solutions.
