Product Lifecycle Management (PLM) helps manufacturers coordinate the product related data, processes and people involved in the product development or product introduction. PLM focuses on the end-to-end lifecycle of a product from concept to consumer. So, it is first important for the C-level executives to understand the concept of the product lifecycle, its processes and how it is going to add value to the enterprise. Understanding the PLM process, its functionality such as BOM management, change process, automating internal business process, different PLM applications in the market and its technological integration capabilities like heterogeneous CAD application integration and ERP integration are fundamentals not to be missed for a successful business process transformation with PLM.
PLM gathers in a unique and central repository all product-related data and eases communication among cross functional team involved in the new product development process as well each phase of the process is iterative.
Best part of having a PLM system within the enterprise is having all the product related information at the right time with right access control. PLM provides visibility to all the product development issues that can occur from quality control, supplier quality, process planning etc. which can be discussed during the new product development forum.
Final Thoughts:
Currently in the era of Industry 4.0, PLM is a must have for both small to medium manufacturing as well for large enterprise and OEMs. Moreover, PLM have improved from handling mainly the mechanical aspects of a product interpretation to consist of the electronics together with software application aspects that have become a better section of numerous products. PLM assists in recognizing CAD structure, BOM, product compliance and additionally automates enterprise business process. To know more connect with us.
