Product Lifecycle Management Software

What is Product Lifecycle Management (PLM) Software?

Consumers love companies that have high quality items. Businesses that use product lifecycle management software (PLM) can track items as they are created, manufactured and sold. Having one place where all of this information lives ensures that businesses can build their brand, sell the best products possible and improve customer loyalty and satisfaction. This is especially helpful for large companies that have many components to their supply chain. With PLM, companies have a solution that really helps them build a complex strategy without sacrificing product quality. The following are some of the basics on product lifecycle management software and options.

What is PLM Software?

There are many steps involved with creating and selling a product. PLM software is an application that helps businesses keep track of all pieces of the process: from the design all the way through the manufacturing. One of the best parts of PLM is that it saves people time. Businesses can use design software to quickly come up with product mock-ups and figure out how to produce it at lower costs. This helps people get the design into the manufacturing phase of production.

When items are sent to be manufactured, mistakes can happen. However, if the design is in PLM software, it ensures accuracy since users can test designs and keep all pertinent information in the application. Additionally, businesses can communicate with people making the design, answering questions and checking on the process. Businesses will know if there is a delay and if manufacturing deadlines will be met. You can even create processes for how to assemble or disassemble the item.

Common Features of Product Lifecycle Management Applications (PLM)

Different software options offer different features. Some applications are focused on specific phases of a product whereas others are fully featured suites with modules for every step. Most programs integrate different applications and information to track an item from idea to conception. Some key features include:

• Computer-Aided Design (CAD): This feature allows users to make three-dimensional models of products. Computer programs help you make an idea a reality quicker than if it was hand-drawn. Because the design is in the application, engineers can recycle and reuse the design for future work.

• Computer-Aided Engineering (CAE): CAE helps people test products but predicting possible weaknesses and how to make them safer. Additionally, the simulators help people test out the items and figure out how to make them as durable and as structurally sound as possible.

• Computer-Aided Manufacturing (CAM): CAM helps people understand how to make items according to their design specifications. From this application machines can work on the products and create documentation of this along the way. Production is more efficient when people can track the materials used and limit waste.

• Manufacturing Process Management (MPM): MPM automates production so that people can manage how items are made. For example, one can see which raw materials are needed to make an item and plan ahead to reduce time and stay on top of inventories.

• Product Data Management (PDM): PDM is a place where all data and content about a product’s design and necessary manufacturing requirements lives. You can pull this up on many different machines and limit accessibility to those who need it. This is a great way to store receipts or invoices on materials, designs and more.

• Reporting & Analytics: If a business wants to stay on top of production times and costs, they need data and a program that can produce user-friendly reports.

Things to Consider with PLM Software

When deciding which software is best for you, consider all of the options and how this fits a business’s needs. There are many programs that offer different functions, though the three main options are a PLM program from an ERP vendor, investing in a best-of-breed option, or purchasing PLM modules focused on a specific feature.

Enterprise resource planning systems (ERP) have PLM options in them like SAP or Infor. Some businesses may want to invest in the best of the best that have different groupings or suites of modules for a product’s lifecycle. Lastly, some people may want to invest in only what they need: for example, someone may want to focus on design versus product management systems, which is why they buy a CAD-specific program.

It is also important to consider cloud-based versus on-site options. Cloud software means that everything lives online and is backed up here too. All a buyer needs is to have an Internet connection and they can access the PLM information. However, on-site software means that the information lives on one computer. Some buyers may not want everyone to have access to information and prefer to have software only on their computer or in their business. However, other people want easy access to data, especially if they are always on the go.

Market Trends

Finding success in business means staying on top of market trends. Knowledge is power, especially when managing a product’s lifecycle. For example, in the next decade, it is predicted that a lot of products will merge and become connected. Thus, it makes it easier to use products and maintain them, but it also means that product design may shift.

Additionally, with advances in technology comes a change in how items may be manufactured. It seems like a lot more products will need their own software capabilities, which changes how items are designed and made. For example, businesses may need to consider adding electrical and mechanical teams to their roster, which will mean updating PLM software options too. Thus, it makes sense that businesses may need to integrate software professionals or teams into their processes. Knowing these trends allows people to plan ahead and make changes so they are not left behind.