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Are you interested in using product lifecycle management (PLM) technology to gain a competitive advantage for your retail business? If you’re a small to medium-sized company in the business of designing or manufacturing products, you may be wondering what the best PLM strategy is for you.  Because technology is constantly evolving, the digital transformation of businesses is more common than ever. The development of smart, connected products results in a more complex product lifecycle, necessitates more advanced software solutions. Continue reading to learn the advantages that will assist you in gaining control of your product data and processes.

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What is Product Lifecycle Management (PLM)?

PLM software is a successful strategy used by businesses to integrate people, data, and technology systems enterprise-wide. PLM technology has the ability to remove technical barriers and is one of the most important components to a business’s overall success. If your company is having difficulty managing a product portfolio and has no way to address product development, product modification, or product commercialization, it is time to look into PLM software. With technology that allows for innovation, cloud-based PLM software allows users to securely access product information from anywhere. Cloud technology benefits design teams and manufacturing facilities. It offers a tried-and-true, secure, and dependable method of operation.

What are the Benefits of PLM?

1. Data Management

The majority of product-focused small to medium-sized businesses begin their PLM journey by taking control of design data and processes. With PLM, you can help your design teams find, share, and reuse product data more effectively, as well as synchronize and automate processes. A PLM solution enables enterprise-wide data sharing, encompassing all stakeholders in product development and distribution.

This reduces errors and increases efficiency by allowing everyone involved in a project to seamlessly collaborate and see real-time changes made by others, allowing them to detect errors early on.

2. Increased Productivity

PLM improves personal, application, and IT productivity. You can integrate all aspects of product development into a single unified system, which helps businesses save money and time by reducing design inefficiencies, allowing employees to spend their time where it matters.

It also enables businesses to improve quality control while also increasing the speed with which products are delivered. Having the right information at the right time is essential for increased productivity, improved quality, and improved decision-making.

3. Faster to Market

PLM’s goal is to accelerate the innovation process. Companies can now devote more time to what they are interested in: business growth and innovation, rather than spending their time entering data into spreadsheets or communicating across multiple platforms.

Faster time to market results in increased revenue and helps to distinguish your product as a leader in ever crowding marketplaces.

4. Centralization

With product data being used by nearly every department within a company, data can quickly become out of date. Departments may soon be working on out-of-date information if the data is not held and maintained in a central repository from which everyone works. With a centralized PLM Platform, everyone has access to the same data and can see updates and changes in real-time, reducing the risk of mistakes being made due to incorrect information.

5. Reduced Risk

Assuring that a product meets all of the most recent compliance standards, requirements, and regulations can quickly become challenging. Businesses can quickly and easily audit what has already been accomplished and what needs to be completed by managing all documentation and processes related to ensuring your products meet the relevant standards, requirements, and regulations in a single platform.

Try Teamcenter X and fast track your way to innovation

PLM is used by retail companies of all sizes and types because of its numerous benefits. Why not consider PLM if you want to improve your product lifecycle outcomes, reduce costs, and innovate faster? Teamcenter X enables businesses of all sizes to get up and running quickly with easy-to-use and easy-to-access pre-configured cloud solutions that include years of industry expertise. The best part is that Siemens manages Teamcenter X for you and scales with your business, keeping you up to date with the latest technology. Let us do the heavy lifting while you drive product innovation.

Disclaimer: I am the author at PLM ECOSYSTEM, focusing on developing digital-thread platforms with capabilities across CAD, CAM, CAE, PLM, ERP, and IT systems to manage the product data lifecycle and connect various industry networks. My opinions may be biased. Articles and thoughts on PLMES represent solely the author's views and not necessarily those of the company. Reviews and mentions do not imply endorsement or recommendations for purchase.

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