Product Lifecycle Management (PLM)
The management of a product through its lifecycle, beginning from design and engineering to manufacturing, service and disposal is often a complicated operation. Due to the complexity of the tasks and workflows involved in this product lifecycle, often there are also different teams, workforces and departments involved.
In order to facilitate the flow of information between all these elements, it is important to use a Product Lifecycle Management or PLM system that can bring in a free flow of information between different departments and teams.
What is PLM?
Product Lifecycle Management (PLM) is an information management system that can help in the integration of business processes throughout the product lifecycle.
A robust PLM system helps you build a clear roadmap and workflow by consolidating the information gathered during diverse business processes. While the most rudimentary of project management systems digitize these processes, PLM systems also utilize best practices for analysis and optimization of processes. The main function of PLM systems is to streamline the complexity of the product development system.
A cohesive PLM software can help you develop an integrated approach to product development by improving collaboration across your organization. As the single system of record, it can address all data and information needs for relevant personnel. It can also maximize the value of your product, help you meet deadlines and most importantly, drive down costs by building efficiency.
What does PLM do?
- The ultimate aim of using a PLM is to build efficiency within the organization.A PLM serves as a single common repository of information to the entire organization. This repository stores both data and records that can be accessed by everyone across the product life cycle. From product data management to ideation, design and manufacturing and engineering analytics, the PLM system serves all the technology needs.Further, by optimizing these processes, it can build in efficiency into the system and save both time and money. It can also identify risks and help you build a risk management strategy according to your needs.An ideal PLM is not only easy to use, but also can be easily integrated with existing Enterprise Resource Planning (ERP) systems. It can also be easily customized according to the organization’s product lifecycle. Using a PLM not only helps you manage your production line better, it also helps to plan and meet deadlines and product budgets.
Functional Areas of PLM
- Product and data management: The PLM serves as central storage of product and project data that can be accessed by relevant personnel in the organization.
- Data analytics and intelligence: Collection of data from different points across the product life cycle can provide valuable insight to business managers.
- Collaboration tools: From assigning the task of taking notes, messaging across teams and sharing documents, PLM systems have built-in tools that provide better visibility and improve collaboration between teams.
- Change Management: A powerful component that helps to streamline engineering change requests, change management is an important part of PLM systems.
Trends and Industry Needs
The Product Lifecycle Management market is growing exponentially. This is fuelled by the growing need for disruption and overhaul of product development processes and practices. The rise of digital manufacturing, smart factories and Internet of Things (IOT) are also powering this growth.
- SaaS-based PLM is here to stay. By providing ease of access, flexibility and mobility, cloud-based PLM solutions will continue to dominate the market.
- IOT and connected devices are narrowing the gap between digital and physical infrastructure. A physical environment can now be linked through sensors and big data to the PLMs, regulating each and every aspect of the product development process.
Big Data is becoming more and more relevant to the industry. Capturing each and every aspect of the product development cycle produces the mammoth amount of data, the analysis of which gives rise to unique business as well as product strategies.
Top PLM software vendors
- Arena: Ideal for complex products, Arena is easily integrated with ERP systems. From product design to manufacturing and accounting, Arena supports features across the life cycle.
- Siemens: Teamcenter by Siemens is one of the most popular PLM systems. Known for its integration with existing products and its change management feature, Siemens is a powerful PLM that can redefine your product management strategy.
- Oracle: An extension of the Oracle ERP and easily integrated with its own as well as other ERPs, the Oracle PLM also provides strong portfolio management and quality management features.