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How to Maximize Product Development Efficiency Through PLM

Product development is a vital part of any manufacturing operation’s continued success. By creating new products, your operation stays ahead of the competition. However, if your product development process runs inefficiently, you could lose more money than you gain.

Using product lifecycle management (PLM) software allows your team to increase efficiency, value, and success without the headaches of traditional methods. Discover how PLM can boost your product development effectiveness and why product lifecycle management is crucial to your business’ success.

What is product lifecycle management?

Product lifecycle management encompasses managing a product’s ideation, development, design, creation, distribution, adjustment, and eventual decommissioning. Manufacturing operations use PLM programs to reduce bottlenecks, ensure product accuracy, and increase production efficiency.
Anything can go wrong during the product development process. Every stage has challenges that cost you money and cause frustration for your customers. That’s why it’s vital to have PLM software to improve your efficiency. With numerous streamlining benefits — including centralized data, increased collaboration, accurate metrics, and updated version history — investing in product lifecycle management is your best bet to stay on track and on budget.

Centralized source of data

One of the most common challenges throughout a product’s lifecycle is ensuring everyone involved has the correct information at the right time. With traditional methods, work is siloed by department, leading to roadblocks and potential inaccuracies. With PLM software, your team can better streamline production and share knowledge across the organization in real-time.

THE ULTIMATE GUIDE TO PLM FOR MANUFACTURING

Unlock the secrets of PLM and take control of your product development journey. Click now for our comprehensive ‘PLM for Manufacturers’ guide!

THE ULTIMATE GUIDE TO PLM FOR MANUFACTURING

Unlock the secrets of PLM and take control of your product development journey. Click now for our comprehensive ‘PLM for Manufacturers’ guide!

Improves cross-functional collaboration

While growth is a positive for your organization, it leads to more complex workflows that require departments to collaborate to ensure you stay within your timeline. Different departments have various workflows, specialized knowledge, and unique dynamics, which makes collaboration exceedingly challenging.

With PLM, your team can work together in real-time — no matter their location, department, or workflow. This cross-functional collaboration reduces errors, speeds up work, and improves the interconnectedness of your organization. Engineers can ask sales questions about order details while communicating with the warehouse to ensure they have the parts required to develop products on schedule.

PLM software also allows your team to communicate with customers in real-time to confirm products are being built to their specifications. Using visualization and design tools, you can work with your team to develop products and receive feedback to reduce errors and reworking time.

Up-to-date version history

A product’s development involves several iterations during ideation, design, and production. This many versions — with changes ranging from glaring to minuscule — can lead to employees using an outdated version and wasting precious time.

When your team uses PLM software, they always have access to the most up-to-date version of a product. PLM offers structured data to ensure a document’s traceability and allows users to access it from mobile devices. With accurate data available from anywhere, your efficiency increases while reducing employee frustration.

Access to key business metrics

Understanding your performance once a project is finished informs every decision you make for the next product’s development. PLM offers clarity into time to market, average change duration, impact analysis, and other key metrics that will help you boost efficiency and cut costs. These insights offer the opportunity to improve your process with every new product.

Supercharge your product development with Revalize

When you decide to maximize your product development, make sure you’re using the right tools for the job. PRO.FILE a Revalize brand is the PLM solution that fits your team’s needs through every stage of product development. Designed to connect your team, PRO.FILE offers advanced tools that keep your product development moving effectively and accurately.

From product-centric process automation to data management, your team will have everything they need with PRO.FILE. 

Contact one of our experts to learn more about how PLM can help you maximize development by contacting one of our experts.

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