No product was dreamed up and launched in the same week. In fact, very few products are conceptualized and released even within the same year. It requires a lot of foresight to be able to examine every possible angle of a product before you make it available for customers to begin using, and all that scrutiny takes time -- which can end up costing your company money. But that's why product lifecycle management was put in place, to help you work more efficiently as you head toward your big new launch.Cutting down on time
When you're running a business -- as the old adage goes -- time is money. Product lifecycle management systems allow you to expedite your researching phase, which cuts down the time it takes for the entire process of launching a product. In other words, a PLM system can record plenty of data, then organize it to reduce the time it takes to develop, and finally release, a product to the public. That means the entire process is covered, from the development of the initial concept all the way through design and manufacturing and, finally, the product's use.
Keeping the customer in mind
So, how do PLM companies organize these systems to keep the user at the forefront of the focus? Think of it this way: a user's relationship with any product has become very much an exact science. What PLM systems have allowed businesses to do is keep the user's best interests in mind -- before they spend large sums of money developing and implementing a new product. In short, they significantly speed up the process to help a company quickly develop the best products it can.
Protecting the potential user
Imagine sketching out an idea for a new product on a cocktail napkin, then creating it the very next day. You wouldn't simply put it out on the market the day after that, because you wouldn't know its potential problems, or if there are user liabilities to consider. Any new product demands a bit of rigorous testing in order to ensure users can't be harmed accidentally by using it. This is another important way PLM systems have been helping out businesses.
Tracking your progress
It's not just the product launch you have to worry about. There's a lot of money being spent on these items for them not to be financially worth it in the long run, so PLM systems can also help you keep tabs on product costs, sales history and any other numbers that play a key role in generating sales and revenue. If it's not going to be worth it, then why bother investing your time or money? PLM systems can help you determine if you're making a move that's both logically and financially smart.
