Introduction to PLM
Product Lifecycle Management, commonly referred to as PLM, is a business strategy that aims to manage a product’s development and marketing from its original concept all the way through to its eventual disposal or retirement. At its core, PLM is focused on centralized and coordinated storage, management, and dissemination of product data throughout a product’s lifespan. This involves integrating people, processes, systems and data across an organization and throughout the extended supply chain.
Product Lifecycle Management helps organizations streamline product development processes, improve collaboration between internal teams and external partners, reduce development costs and time-to-market, facilitate regulatory compliance, and optimize product performance and quality. Overall, it provides visibility into all product-related information to help make better strategic decisions.
Key PLM Processes
At a high level, PLM encompasses the following key processes across a product’s lifecycle:
Concept Development
In the initial concept stage, PLM helps capture market requirements,brainstorm ideas, validate concepts and manage the overall ideation process. Relevant data includes market research, customer needs, competitive intelligence and more. This information feeding into concept evaluations and selections.
Product Design
Once a concept is selected, the design stage involves product specifications, geometric designs, simulations, prototypes and testing. PLM facilitates collaborative 3D CAD modeling, digital mockups, design reviews and change management. It ensures all stakeholders have access to the latest approved design files and associated data.
Manufacturing Engineering
PLM supports manufacturing prep work like process planning, tooling design, verification and validation. It links engineering designs to production requirements and tracks any design changes needed. Product and process data is shared with manufacturing partners.
Production & Procurement
During production, PLM streamlines processes like component procurement, work instructions, quality control and traceability. It provides real-time visibility into plant schedules, material availability, equipment status and more. Nonconformances are documented.
Aftersales Support
Post-launch, PLM manages service documentation, field fixes, spare parts ordering and warranty administration. Historical performance data aids continuous improvement. End-of-life strategies involve recycling, remanufacturing or disposal.
Benefits of PLM Implementation
With PLM bringing together previously disparate product data and processes onto a single collaborative platform, organizations reap important benefits across many areas:
Increased Innovation
By facilitating ideation and access to a wealth of product intelligence, PLM fosters out-of-the-box thinking during concept development. It speeds up evaluation of creative what-if scenarios.
Improved Quality
Ensuring the latest approved technical documentation accompanies every step, from design to production and service,PPL helps automate compliance and eliminates errors from outdated information.
Accelerated Time-to-Market
Streamlined new product introduction processes let organizations quickly transition from concepts to manufacturing. Reduced design cycles and simultaneous engineering further trim launch timelines.
Enhanced Collaboration
Cross-functional and extended enterprise collaboration is made seamless through a centralized product record. Stakeholders can work together efficiently irrespective of location.
Lower Costs
PLM eliminates redundant engineering work. Optimized management of changes and issues results in decreased scrap, rework and warranty expenditures.
Insight for Better Decision Making
Actionable analytics and data mining equip leadership with accurate real-time intelligence for improved strategic decision making.
Key Components of a PLM Solution
A comprehensive PLM deployment incorporates the following main components working in an integrated manner:
3D CAD Modeling
3D digital product modeling applications enable interactive design and simulation across extended teams.
Product Data Management
Master databases securely store, organize and synchronize critical structured and unstructured product information.
Lifecycle Process Management
Software maintains workflows, stage gates and approvals associated with each lifecycle phase.
Collaboration Tools
Communication and work-sharing features foster inter and intra-enterprise collaboration.
Compliance Management
Modules facilitate adherence to quality, regulatory and documentation requirements.
Reporting & Analytics
Dashboards and metrics deliver real-time operational and strategic business intelligence.
Implementation Considerations
Successful PLM projects factor in change management preparedness, extensive requirements gathering and configuring to organizational needs. A phased rollout aligned with product roadmaps reduces risks. User adoption is critical and ensured through comprehensive training programs. Vendor evaluation must consider solution scope and maturity, References, ongoing support capabilities and upgrade commitments. Overall, PLM pays off in the long-run by streamlining and digitizing vital information flows needed to bring better products to market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it