Product lifecycle management software’s consolidation abilities allow engineers, designers and other cross-company departments to focus on their specific jobs instead of inputting data in Excel or sending disparate emails.

PLM also offers real-time notifications and messages to keep everyone on the same page in the event of product changes. When design teams work in harmony, they can finish small and large tasks quicker and get their merchandise out to clients faster.

Enhance product quality and reduce risks

Maintaining a product’s lifecycle management involves upkeeping product quality and ensuring your operations meet standard workflows, like the FDA, ISO, SEC and more.

Following quality and standard regulations means selling the best and safest product. You also diminish receiving fines, audits, lawsuits, recalls, company shutdowns and other consequences.

Reducing risks means your company knows how to play by the rules and has no reputation for putting consumers at risk.

Save money

Product lifecycle management software is the central authority when developing products because it offers all the correct details.

You can determine what materials to use and plan scenarios in different environments to save money on physical prototypes.

Automation can also reduce time and costly human errors. Like ERP systems, PLM software expedites workflows and increases efficiency to gain more profits and client leads.

Boost productivity

Centralizing design processes, prototypes, engineering and manufacturing notes, and more in PLM allows you to focus more on specific tasks instead of using disparate systems.

When people ask, “What is product lifecycle management?” they may be unaware of its capabilities. PLM can streamline data confirmation and ensure real-time access instead of adding information multiple times and causing errors.

If you need to make quick changes to oak bookcases to align with new environmentally-safe regulations, send those changes to your manufacturers, suppliers, stakeholders and more for higher awareness.

Increase revenue

What is a PLM if it can’t garner you a significant ROI?

PLM software can help you streamline processes to allocate high-quality merchandise to consumers faster, generating more revenue and robust customer retention.

If you sell high-quality bookcases and shelves that meet a client’s needs, chances are they’ll come back to your business for more goods. This person may even tell their friends and family about your company, which can build a better client base.

FAQs

What does PLM mean?

PLM stands for product lifecycle management. This concept manages every stage of a product’s life, including brainstorming, designing, distribution and retirement.

What is PLM software?

PLM software is a system that streamlines how you manage a product’s life from beginning to end.

What is a PLM’s primary feature?

PLM offers numerous features to streamline workflows. Some must-have requirements include:

• Risk management
• Bill of material (BOM) management
• Computer-aided design (CAD) tools
• Quote process management
• Collaboration
• And more!

What is the difference between PLM and ERP?

Although it’s hard to resist confusing PLM software with ERP solutions, they are as different as night and day.

PLM software strictly focuses on managing a product’s lifecycle. Like ERP, it can integrate with other systems, such as accounting, CRM, BI, manufacturing, ERP and more, to centralize workflows.

ERP software is a suite of tools serving numerous company departments and sectors. One vendor can sell a system that offers PLM, BI, manufacturing, CRM and other capabilities.

Another vendor may sell an industry-specific system that integrates with disparate programs.

Think of ERP as a big apple pie. Each slice represents one department. PLM could be one slice of this suite because it coincides with other company departments.

How do I find the right PLM software for my company?

SelectHub offers a nine-step methodology for finding the right PLM software for any business size or industry called Lean Selection. The nine steps include:

1. Establish
2. Collaborate
3. Define
4. Distribute
5. Justify
6. Prove
7. Rank
8. Negotiate
9. Sign

You can also find the right PLM by reading online reviews of top solutions or speaking with colleagues or friends in the industry about how they found the best software for their company’s needs.

Need more features? Check out our free requirements template for more must-have PLM modules.

Still not sure of how to find the right PLM vendor? We can help! Contact our team for individualized recommendations by messaging support@selecthub.com or calling 855-850-3850.