In today’s article we will see what PLM is and dive into the characteristics and benefits that it can bring to both companies and individuals.

First of all, we must know that PLM is “Product Lifecycle Management”. It is an information management system capable of integrating data, processes, business systems, and even people across an extended enterprise.

Why do companies need PLM?

Products live through lifecycles. These lifecycles touch all parts of a company. First there is the conceptualization of the product. Engineering creates prototypes and tests them. Manufacturing designs machines and processes to make the product. Marketing and sales make users aware of the product. Distribution channels move the physical product to the consumers. The consumers use the product, possibly involving maintenance and updates. Finally at the end-of-life for the product, it is discarded or recycled or rebuilt.

Companies use PLM to create an information backbone to collect data about the product and allow everyone in the company access to the data so they can make good decisions. PLM allows them to manage this information throughout a product’s lifecycle efficiently and cost-effectively.

Companies that are dedicated to the manufacture of goods tend to suffer from a wide variety of problems which are outside the scope of design and manufacturing. In these cases, PLM is able to mitigate those issues while helping us align and integrate key resources, making product information quickly accessible to teams across the organization.

In its origins, PLM was designed to help engineers create collaborative ties with their colleagues in the design of products and to control information throughout the life cycle of a product. Today, the PLM methodology has evolved and is now able to include a larger part of the organization, including customer service, marketing, sales, and partner channels.

PLM Benefits

PLM simplifies, organizes and integrates data, allowing the users a deep understanding of each manufactured product and how it will be received in the market, maximizing efficiency and profitability in the following areas:

One source of truth

Since product data is used by almost every department in a company, it’s easy for it to become outdated in a matter of minutes. If data is not saved and maintained within a central repository that everyone works from, departments can soon find themselves with outdated information.

However, thanks to a centralized PLM platform, everyone can access the same data and see updates and changes as they happen in real time, reducing the risk of errors due to outdated or incorrect information.

Reduced development cycle

With PLM design teams can collaborate during the development stage sharing the information on conceptual designs, alternatives, and potential variations.

By combining PLM with other manufacturing technologies, users can virtually design, review, analyze and produce a product, which means that the time required to develop a product will be significantly reduced. Creating a digital prototype for review and testing reduces the number of physical prototypes needed, saving money and time.

Data reuse

One of the main benefits of establishing a PLM platform is that a database is created in which all the design and engineering data in a company is collected, not just for current products under development, but also for prior products.

This allows reuse of data, where engineers and designers can utilize the knowledge already gained with other products. No more “reinventing the wheel”.

Increase in productivity

PLM enables companies to improve operational efficiency through eliminating non-value-added tasks, optimizing and automating workflows, and making data-driven decisions.

By having all product, project, and manufacturing information in one central location, teams will be able to find, access, and reuse that data faster than ever before, significantly improving productivity across the business.

Do you still have doubts about the benefits of PLM and how to implement it? Receive personalized consulting right now and be one step ahead of your competition.