What PLM Means to You and Your Company
Ask 10 people what “PLM” means to them and you will get a few different answers. This is because the concept, while not new, is newly defined in terms of manufacturing and retail and its automation in IT. Added to that complexity are the specific needs of industries, which means there is no single PLM software list that fits everyone’s definition or needs.
Specifically, PLM and PLM software should add the following to whatever it is applied to aid:
Process Management: This is the management of the processes that take a product from conception through end-of-life and can include everything from design and development phases through manufacturing and marketing as well as distribution logistics, post-release performance tracking and end-of-life liquidation.
Project Management: This is the system used to track and manage the various steps related to a specific project or product. It can include facets including budgeting, development, testing, assembly, marketing and distribution.
While both overlap at various points, one focuses on a specific project or product, while the other focuses on the systems needed to get that product or project to market and into the hands of likely consumers.
Also, some PLM suites provide a “Birdseye” view of any product or program to allow executive decision making in regards to product investment and profitability.
Integration
The key to any successful PLM system is the integration of the various parts of a program, product or service. PLM helps companies approach each product or service from a comprehensive viewpoint. That accomplishes the following:
Companies can see the entire process of idea-to-market for each product and how each phase affects the others as well as the product’s profitability.
Project, Product and Program Managers can see where a product or service has redundancies and inefficiencies and eliminate them when possible.
Executives can pinpoint profit and loss centers and make better-informed decisions regarding product and service management.
Product and project managers can make informed decisions regarding migrating processes to more efficient, automated and cleaner technologies and processes.
Global Management
PLM enables product and project managers to better track their products and services on a global scale. This includes identifying savings opportunities in the production process and better coordinating various phases of product development. For example, a company manufacturing two different products in two different countries might find transportation opportunities for savings by merging delivery processes.
It is good to know what you want your new PLM system to do as you review PLM software list options. Understanding what PLM means to you is key to making sure you can make the most informed decision both on a macro and micro level.