Product lifecycle management (PLM) solutions provide a single source of truth for many organizations. PLM manages products across the entire lifecycle from ideation, to development, to manufacturing, and on to eventual disposal. While engineers tend to be the primary users, PLM benefits reach across entire organizations and can help improve collaboration and productivity within cross-functional teams.
PLM benefits include connecting and aligning data, processes, and technology to provide a single source of truth for any product across its lifecycle.
Top 5 PLM Benefits
In today’s competitive market, organizations must strive to continuously improve efficiencies and reduce costs, all while improving product quality and accelerating time to market. The main PLM benefits fall into these categories, providing a solution to help organizations embrace digital transformation.
1. Centralize Data
All of the PLM benefits are driven by centralized data. Data in a single location powers unparalleled synchronization between teams. With PLM acting as a single source of truth for products, everyone is on the same page with increased visibility and improved collaboration. This supports increased efficiency and revenue across the board.
2. Increase Productivity
Consolidating product records in a unified platform increases overall employee productivity. There is no need to open multiple tools or dig through emails to find the latest file version. Instead, it all lives and is updated within a single collaborative solution. This allows teams to search, access, and reuse data across products—regardless of physical location.
3. Accelerate Time to Market
Innovation is vital in competitive markets, so companies that release new products quickly tend to succeed. Consolidated PLM data streamlines the handoff between teams, decreasing unnecessary back-and-forth churn making sure versions are up to date. The contextual and collaborative environment of a PLM solution eliminates this headache. Product information can flow across the entire development cycle and easily between teams.
4. Produce Higher Quality Products
One of the most valuable PLM benefits is the ability to create higher quality products. Organizations must be able to collect and implement customer feedback and track product issues to develop new and innovative products. PLM enables this across the product lifecycle with critical metrics such as sales, adoption, loyalty, and more. These metrics provide incredible data-driven insights that power informed decision-making.
5. Increase Revenue
All of these PLM benefits and more come together to increase revenue. For example, centralized data drives collaboration for increased productivity, and increased productivity allows teams to focus on innovation rather than fixing mistakes.
Take Advantage of All 5 PLM Benefits
The top 5 PLM benefits all come down to working more efficiently across teams. By implementing PLM, silos break down and organizations become seamlessly connected—a necessity for a successful digital transformation strategy.
Windchill PLM from PTC offers state-of-the-art functionality and tools to help support your organization’s digital transformation. It provides all 5 PLM benefits and more, including easy integrations and flexible deployment.
If you’re ready to find out what Windchill PLM can offer your team, contact us.