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Product lifecycle management or PLM is an enabling technology
for innovation, new product development and introduction
(NPDI), and product information management from ideation
to end of life. PLM integrates people, data, processes,
and business systems and provides a product information
backbone for companies and their extended enterprise.
Business Drivers
Innovation and new product development are essential for
most companies to sustain future revenue growth. Customers
demand more new products in shorter time intervals, often
customized to their own needs. They want more attractive
designs, better performance, better quality, lower prices,
and instant availability. To meet these needs companies
have to be able to collaborate closely within their own
organization and with partners and suppliers located in
various parts of the world. At the same time companies
have to manage increasing product and manufacturing complexities
due to a quickly growing number of environmental and regulatory
rules and requirements.
The Problem
Accelerating innovation and increasing the number of successful
new product introductions is a huge challenge for most
organizations today because of their traditionally serial,
fragmented, manual, and paper based processes. The result
is that many companies suffer from NPDI practices that
are slow, resource intensive, costly, inflexible, provide
little visibility, and are difficult to manage and control.
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| Traditional serial product development process with information silos. |
Collaborative product innovation enabled by PLM |
The Solution – PLM
Through its ability to integrate all product related
data and processes and to eliminate boundaries in the
value chain, PLM can significantly reduce non-value added
activities and enable stakeholders to collaborate in
real time using a consistent set of information throughout
the entire product lifecycle. As a result, productivity
improvements of over 60% in NPDI-related activities have
been achieved through PLM-enabled, enterprise-wide data
and process optimization and integration that have allowed
companies to:
- Drive innovation
- Accelerate Revenues
- Increase Productivity
- Reduce Costs
- Improve Quality
- Ensure Compliance
- Shorten Time-to-Market
In today’s highly competitive, fast-paced, and global
business environment, well-designed and implemented PLM
practices and technologies that support an organization’s
strategies for innovation and growth can afford companies
a real competitive advantage.
Contact
us to learn more about how PLM can benefit you and
your organization.
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