This article explores Product Lifecycle Management (PLM), a strategic approach to managing a product’s lifecycle from inception to disposal. You will learn about PLM software, its uses, and its main goals. We will discuss why PLM is important, what it means in business, and why companies use it. Additionally, we will cover PLM use cases, common challenges, the PLM process, and why Sovelia is a preferred choice. Finally, we will address frequently asked questions about PLM.
PLM software is a tool that facilitates the process of managing the entire lifecycle of a product – from the moment the concept is born to production, maintenance, and disposal. PLM software provides a centralized platform to manage all product-related information, streamline workflows and improve collaboration across different departments in the organization. The entire product lifecycle PLM connects business processes and systems to optimize operational performance around lead times, cost and quality.
PLM software is the central repository of knowledge and information about a product. It is the hub where any actions are undertaken by any department – these actions can vary from sharing the design data, managing product items, structures & BOMs, making engineer change orders (ECOs), managing documents or integrating product information to ERP and CRM. With PLM software people can access the right and up-to-date product information when they need it and make well-informed decisions based on it.
PLM software is used as a central platform to manage all product-related information. It provides a single source of truth for all product data and makes sure that the information is up-to-date, consistent and accessible to those who need it.
PLM software is used to improve collaboration and communication. PLM software enhances collaboration by allowing different departments (such as design, production, sales and services) to access the same product data and work together seamlessly.
You can automate workflows with PLM software. Examples of such workflows are design approvals, change management or integration of product data to the ERP. This reduces manual work, improves data (and product) quality and speeds up processes.
PLM software is also used for version control management, regulatory compliance, cost management, and quality management, just to name a few. Overall, PLM software is essential for companies that want to improve product development efficiency, maintain data integrity, and ensure collaboration across various functions.
The main goal of PLM is to increase the efficiency and productivity of the company. With streamlined processes, improved collaboration and automated information flows companies can achieve higher quality products delivered faster to the market. PLM can reduce material costs and inventory value, decrease the amount of rework and delays in production, improve customer experience and ensure regulatory compliance.
PLM is important for businesses in highly competitive and innovation-driven industries, such as manufacturing, industrial machinery, medical, transportation, oil & gas and electronics, to name a few. PLM software helps companies streamline processes, improve cross-functional communication, and automate information flows, which reduces manual work, minimizes errors, and ensures everyone is working with accurate data.. This ultimately enhances the company’s bottom line, as it enables faster time to market and supports higher product quality, giving businesses a competitive edge.
PLM in business means that a company takes a strategic approach to managing a product’s lifecycle from its initial concept through design, manufacturing, service, and disposal. PLM integrates people, processes, business systems, and information to create a cohesive framework that enhances collaboration and efficiency across all stages of a product’s life. By centralizing product data and streamlining workflows, PLM helps businesses reduce time-to-market, lower costs, and improve product quality.
In a business context, PLM is crucial for maintaining competitiveness and fostering innovation. It enables companies to respond quickly to market changes, meet regulatory requirements, and ensure that all stakeholders have access to the latest product information. This holistic approach not only improves operational performance but also supports strategic decision-making, ultimately leading to better products and increased customer satisfaction.
Companies use PLM to streamline product data management and processes, ensuring efficiency, accuracy, and collaboration throughout the product lifecycle. By providing a single source of truth for product information, PLM improves communication, reduces errors, and allows engineers to focus on innovation. PLM enables seamless information flow between systems, structured workflows, and efficient Engineering Change Management (ECM), enhancing visibility and control over product development. These benefits lead to faster time to market, higher product quality, reduced costs, and improved customer satisfaction, making PLM a valuable tool for staying competitive in demanding markets.
PLM has a wide range of use cases in business, each aimed at optimizing different aspects of product development and management.
New product development: One common use case is new product development. PLM software streamlines the process of bringing new products to market by integrating all relevant data and workflows, from initial concept through design, prototyping, testing, and launch. This ensures that all teams are aligned, reduces time-to-market, and helps in managing costs effectively.
Regulatory compliance and quality management: Another significant use case is regulatory compliance and quality management. PLM systems help businesses adhere to industry standards and regulations by maintaining comprehensive records and providing tools for tracking and reporting compliance. This is particularly crucial in industries like pharmaceuticals, aerospace, and automotive, where regulatory requirements are stringent.
Supply chain management: Additionally, PLM supports supply chain management by improving collaboration with suppliers, managing procurement processes, and ensuring that all components meet quality standards.
Companies use PLM to overcome challenges in product lifecycle management. These challenges include issues like
When companies want to solve these problems and get rid of inefficient manual processes, product quality issues, production delays and rework, incorrect data and loss of revenue potential, they use PLM.
PLM helps to overcome these challenges by providing a single source of truth for all product information. Every department uses correct product information, engineers spend more time on value-adding design and innovation and automatic information flows between business systems ensure that the same and correct product data is used throughout the company. PLM offers structured and controlled change management processes and efficient inventory and supply-chain management.
The PLM process in business ensures that all stages of a product’s lifecycle are managed effectively.
This comprehensive approach not only optimizes operational performance but also supports strategic decision-making and enhances overall product quality.
Choosing Sovelia Core for your PLM needs offers numerous advantages that can significantly enhance your business operations. As an engineering-driven PLM solution, Sovelia Core ensures that design information is easily shared across the organization, streamlining the entire product lifecycle management process. This leads to improved efficiency and productivity, allowing your company to focus on innovation and quality. With over 30 years of experience, Sovelia provides a robust and reliable solution tailored to meet the specific needs of manufacturing firms.
Sovelia Core is designed to be flexible and scalable, with a licensing model that allows you to pay only for what you need. It supports seamless integration with CAD systems and offers an easy-to-use HTML5/web-based interface, ensuring excellent usability and configurability. Additionally, Sovelia does not require a PDM system and can be installed on-premises, providing further flexibility and security. The solution also facilitates the automated flow of data from offer generation to design and production with the sales configurator tool Sovelia Configurator, and supports efficient product information sharing within the organization and with external suppliers. These features make Sovelia Core a comprehensive and adaptable PLM solution that can grow with your business.
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