What is a Product Lifecycle Management Software?
Managing product development, from ideation to market release, can be very challenging. You can easily get overwhelmed coordinating the many intricate parts of the process.
This is where a Product Lifecycle Management(PLM) software comes in.
Put simply, Product Lifecycle Management (PLM) software is a system that lets you manage the entire journey of a product, from the ideation/conception stage to market launch and then all the way to retirement.
What Does a PLM System Do?
Is a PLM system just a fancy tool that makes your business look cool, or does it actually serve a major purpose?
A Product Lifecycle Management (PLM) system is essentially the digital backbone for managing a product from the moment it’s conceived until it’s retired. Think of it as the command center that keeps all product-related data, processes, and people connected.
Of course, a PLM does much more than being merely a common center. Here’s a breakdown of the essential roles it plays:
1. Centralizes Product Data
Product data can quickly snowball as it moves across different stages. As such, you need a system capable of not only centralizing product data but also making it accessible.
This is where a PLM system comes into play. It stores everything in one place, including design files, tech packs, fabric details, bills of materials (BOMs), CAD drawings, prototypes, compliance docs, and more.
2. Manages Product Development
Deploying a PLM system allows you to efficiently manage product development. It tracks the entire design and development process, streamlines version control, and creates a collaborative environment for your entire team.
3. Facilitates Collaboration
It’s important to create a collaborative environment for your design and production team to ensure a successful product development.
What better tool to use for this than a PLM system? It acts as a shared workspace for designers, suppliers, manufacturers, and merchandisers.
In addition, a PLM system supports real-time communication across different time zones and regions.
4. Accelerates Time-to-Market
By speeding up decision-making, automating workflows and eliminating operational bottlenecks, PLM systems can potentially accelerate time-to-market for your products.
Challenges of Implementing a PLM System
Implementing a PLM system can be particularly challenging, especially if you are doing it for the first time.
Needless to say, anticipating these challenges and preparing for them ahead of time can make implementation smoother and less challenging.
That being said, here are potential challenges you may run into:
1. High Upfront Costs
Implementing a PLM system is anything but cheap. Licensing, customization, integration, and training fees can quickly add up and overwhelm you.
On top of that, you might find yourself struggling to justify the high costs when you check your financial records.
2. Complexities in Integration
You will likely need to integrate your PLM system with an ERP, CRM, or CAD. While these integrations can help streamline your processes, they can also result in unnecessary complexities.
One smart way to circumvent this challenge is to utilise PLMs that come with built-in ERP and CRM modules. Uphance PLM is a typical example.
3. Data Migration Challenges
Moving years of product data (BOMs, drawings, material libraries, compliance docs) into the new system is no easy feat.
If care is not taken, you might end up with low-quality/incomplete data when migration has completed.
4. Training and User Adoption
Once implementation has been successfully completed, the next thing you will naturally want to worry about is training your team. This can also be potentially challenging.
Getting them to actively use the system might not go as smoothly as you intended.
Best Practices for Using a Product Lifecycle Management System
To ensure the time and resources you’ve spent deploying a PLM system pay off, do the following:
1. Define Clear Goals Before Implementation
Decide what you want to achieve from the get-go. This could be a faster time-to-market, fewer errors, improved collaboration, better compliance, etc.
In addition, set KPIs (e.g., reduced sample rounds, shorter product development cycles) to measure success.
2. Start Small, Then Scale
Roll out PLM in phases. If possible, begin with one product line, department, or process before branching out. Doing so helps avoid overwhelming your team.
3. Automate Workflows Where Possible
Take advantage of automated approvals, alerts, and change tracking. Use built-in workflows for tasks like sample reviews, compliance checks, and material sourcing.
4. Avoid Over-Customization
Stick to standard features as much as possible. Avoid too much customization, as it can make upgrades difficult.