What is Product Lifecycle Management (PLM)?
In basic terms, PLM takes your product from concept to market.
Below, we outline everything you need to know about PLM software, including the key benefits, how it supports the digital thread and why investing in a system that connects your entire supply chain is vital for the future of your business.
PLM explained
Product Lifecycle Management (PLM) strategically manages the complete journey of a product, from initial concept through to design, manufacturing, service and end-of-life disposal.
Bringing together all product-related data, workflows and communications, PLM is essential in industries that have complex product development. Think textiles, manufacturing, automotive, consumer goods, technology and pharmaceuticals.
In essence, product teams work better with a PLM by their side. You can enjoy smoother communication and collaboration, reduced workloads and automated reworks while the brand as a whole benefits from cost savings, better product design, standardised compliance and risk management.
Benefits of product lifecycle management software
Wondering if PLM software is right for your brand? Concerned your team isn’t the “right size” for PLM? Or perhaps worried that adopting yet another new system will cause a bigger headache in the long run?
The benefits of PLM speak for themselves. PLM is no longer an expensive luxury, but an absolute necessity for brands who want to remain resilient and thriving for years to come. And, it doesn’t have to be complicated, thanks to modern PLM solutions.
Smooth collaboration
A good PLM replaces complex email threads and spreadsheets, providing a single source of truth for all your product data, designs, specifications, BOMs and more. Different teams can access the same, up-to-date information, meaning they can collaborate faster and more effectively.
Increased efficiency
PLM systems give you better visibility into your materials and processes, allowing you to make informed decisions about your use of time and resources. This paired with centralised data, you can benefit from fewer errors and expensive reworks.
Better products
Having everything laid out in front of you in a PLM system gives you tighter control over the design and development process, allowing you to identify and improve design flaws early on before they become costly issues.
Faster time to market
With the ability to automate workflows, communicate between teams more effectively, reduce reworks and manage compliance, you can bring your products to market faster with PLM and help grow your bottom line.
Compliance
The consistency and standardisation you get with PLM software helps you meet regulatory requirements and manage compliance with ease. You can make sure that all the necessary documentation and processes are adhered to at every stage of your product lifecycle.
Resilience for the future
With PLM, your brand is always ready for what the future holds. Whether it’s evolving legislation, changes in the economy or new trends in your industry, you have the information you need to adapt quickly, manage risks and continually innovate.
Does this sound familiar?
Without Product Lifecycle Management, product teams face a number of challenges and inefficiencies:
New products arrive late to market
Can't access the data they need
Of each week is wasted on data retrieval
Struggle to share info cross-functionally
Make decisions on outdated data
Does this sound familiar?
Without Product Lifecycle Management, product teams face a number of challenges and inefficiencies:
PLM software
– the digital thread
Product lifecycle management supplies the building blocks for the digital thread, connecting every phase of your product lifecycle, from initial concept through to design, manufacturing and beyond. Investing in PLM software allows for seamless data sharing and traceability, ensuring the right data is available at the right time to the right people.
Planning
Design
Development
Prototyping
Compliance
Production
PLM for sustainablility
PLM is key to sustainability, empowering teams to design with sustainability in mind – choosing eco-friendly materials, reducing waste through precise planning and streamlining production to minimise environmental impact. Thanks to greater transparency, you can track and verify ethical practices across your supply chain with ease. With PLM, you can not only meet sustainability goals but also build trust with eco-conscious consumers, proving that profitability and planet-positive practices go hand in hand.
What o look for in PLM software
User Friendly Interface
Collaboration Features
BOM & Quality Control
Scalability
Testing & Compliance
Data Security
Analytics & Reporting
Intergration Capabilitys
Configuration and customisation
Cost and Negotiation Management
What to look for in PLM software
User friendly interface
Collaboration features
BOM and quality control
Scalability
Testing and compliance management
Data security
Analytics and reporting
Integration capabilities
Configuration and customisation
Cost and negotiation management
Why fashion and homewares Cath Kidston chose Bombiix to digitally transform their workflow
Get free forever PLM software
Bombiix is a powerful PLM that places you at its heart, managing every stage of your product development process with clarity and efficiency.
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PLM FAQs
Below, we answer some of the most frequently asked questions about PLM
Why is PLM important for businesses?
PLM helps businesses streamline product development, improve collaboration across departments, reduce time to market, and enhance product quality. It also enables better management of product-related data, leading to reduced costs and increased profitability.
How does PLM differ from ERP?
While PLM focuses on managing the entire lifecycle of a product, from concept to end-of-life, ERP (Enterprise Resource Planning) manages core business processes such as finance, HR, and supply chain. PLM is more design and innovation-oriented, while ERP is more about operational efficiency.
What industries benefit from PLM?
PLM is beneficial across various industries, including manufacturing, automotive, aerospace, electronics, consumer goods, fashion, food and pharmaceuticals. Any industry that requires detailed product design, development, and collaboration can leverage PLM.
What are the key components of a PLM system?
Key components of a PLM system include product data management (PDM), project management, computer-aided design (CAD) integration, bill of materials (BOM) management, change management, and document management. These tools help in managing every aspect of product development.
How does PLM support innovation?
PLM provides a centralized platform for managing ideas, designs, and feedback throughout the product development process. It enables teams to collaborate effectively, reduce errors, and quickly adapt to market changes, thus fostering innovation.
What are the benefits of using cloud-based PLM solutions?
Cloud-based PLM solutions offer flexibility, easier scalability, lower upfront costs, and remote accessibility. They allow teams to collaborate across geographies and make it easier to integrate with other cloud applications, ensuring data consistency and real-time updates.
Can small businesses use PLM?
Yes, PLM solutions are available for businesses of all sizes. Small and medium-sized enterprises (SMEs) can use PLM to improve collaboration, reduce product development costs, and manage product data more efficiently. Many vendors offer scalable and affordable PLM solutions tailored to smaller businesses.
What challenges might a company face when implementing PLM?
Common challenges include resistance to change, high initial setup costs, integration with existing systems (such as ERP or CRM), and training employees to use the new software. A clear implementation strategy and choosing the right PLM solution can help overcome these challenges.
How can I choose the right PLM software for my company?
Consider factors such as your company’s size, industry-specific needs, ease of integration with other systems, user-friendliness, and budget. It’s also essential to evaluate the scalability of the PLM solution to ensure it can grow with your business.
How does PLM help with regulatory compliance?
PLM systems can streamline regulatory compliance by providing a centralized repository for all product-related documentation, including design specifications, testing results, and change history. This ensures that companies can quickly access necessary data for audits and adhere to industry standards and regulations, such as ISO, FDA, or environmental requirements.