PLM (Product Lifecycle Management) is the name of a solution that allows all processes such as industrial design, engineering, analysis, production, product documentation, and marketing materials to be followed and managed in a digital environment, from the idea stage to the end-user. It is the process starting from the idea point of the product, developing and introducing it to the market, to after-sales activities such as maintenance and service.
What is meant by Product Lifecycle Management?
The right product; It is a business approach that enables it to meet the customer at the right time, at the correct cost, and then to manage all the changes that the product will undergo throughout its life systematically and sustainably.
Let’s take a look at the general goals that can be achieved with PLM:
- Shortening the new product launch time (time-to-market)
- Increasing the income to be obtained from the product by prolonging the product life (lifetime value)
- Reducing the investment cost by increasing the reuse rate of the sub-parts that make up the product
- Recalls, sources of quality errors, reduction of costs
- Reducing product development time
- Increasing revenues with new features or services to be added to the existing product
- Increasing the number of innovative new products
These targets and many more can be derived in this context and can be evaluated under PLM.
What are the data lifecycle stages?
One of the most important steps in the product lifecycle is establishing the processes and procedures that will help minimize waste and maximize the effectiveness of the project. This guide will help you identify the various stages of the process and communicate them clearly.
The product lifecycle starts when the conception and development phase begins. This includes planning, design, and manufacturing engineering. After that, the marketing and promotion phase begins.
After the product has been manufactured, you’ll start to improve your product’s distribution and production processes. You’ll also begin to collect feedback from your customers.
What are the benefits of Lifecycle Management?
If the benefits of PLM are to be examined, primarily, it ensures faster time-to-market, more efficient in-use service, and a better-managed lifetime. In addition, businesses can provide customized products suitable for developing market conditions in shorter times due to the increased communication and data access speed between their units and processes. The time to market the designed product is shortened. An increase is achieved in the rate of newly developed products being put into production without errors the first time.
As a result of shortening all these processes, productivity increases, and costs decrease. Minor errors that occur during the period until the product is put into use will be eliminated with the units that cooperate and are part of the information flow thanks to PLM. PLM focuses on the product. In this respect, it differs from other activities such as Supply Chain Management, which focuses on the supply chain, Customer Relationship Management, which focuses on the customer, and Enterprise Resource Management, which focuses on the most efficient use of corporate resources.
This is where the strength of PLM comes in. All units in the enterprise know the product is produced. However, most of the time, issues such as supply chain parts, customers, and human resources are unknown to all employees. This makes PLM more powerful than other systems.
Scope of Product Lifecyle Management
Let’s take a look at the scope of PLM before explaining the importance of the operations.
- Creating and managing a well-structured, value product portfolio
- Maximizing the financial return from the product portfolio
- Ensuring transparency and control at every stage of product life
- Managing product development, technical service, and disposal processes
- Managing the feedback from the customers, the field, and the market about the product
- Providing a collaborative environment with design, supply partners, and customers
- Management of product-related processes in a more straightforward, more effective, harmonious, and integrated manner
- Accurate and reliable management of product definition integrity
It defines and manages all technical and financial characteristics the product will have throughout its life.
Why is Product Lifecycle Management important to the operations professional?
Product lifecycle management is essential to the professional operations because:
- It better captures customer needs,
- It prepares the environment for the creation of innovative ideas,
- It shortens the time to market,
- Improves the sales process,
- It reduces compliance risks,
- Collaborative product development in international companies,
- Provides cooperation between the design team, suppliers, and customers during the design development process,
- Supports resource management and cost savings analysis in projects,
- It reduces costs,
- Accelerates income growth,
- Improves the supply chain. It ensures that the required product is delivered to the necessary place at the required time.
The digital marketing lifecycle includes steps such as finding, retaining and growing customers. All these steps consist of many subsections, but basically it is a cycle that covers the entire process, starting from the digital marketing plan, in the focus of sales. Digital marketing plan, implementation and measurement are at the core of lifecycle programs. Check out what euromessage can offer you to deliver a personalized experience to your customers and design customer lifecycle campaigns using all your sales channels, marketing rules and live interaction data!
We hope it was helpful for you to understand product lifecycle management better. Now, just check out Euromsg Express’s web page to find the best solution for you!
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