Benefits of PLM
Product Lifecycle Management (PLM) has helped companies of all sizes realize tangible benefits for dozens of years. Some of the benefits are very tactical, like reduced time to approve changes, while other benefits can drive company success. Here’s a downloadable summary of benefits from PLM software companies like Propel, Oracle and Autodesk, as well as data from experts like CIMdata and Accenture.
- Strategic Benefits: PLM software helps more than just engineers and designers. In fact, PLM helps manufacturers use product data to improve business outcomes for their customers, partners, suppliers and sales channels.
- Revenue: PLM software helps companies drive higher revenue through more coordinated new product launches, higher product quality, more targeted products, and faster responsiveness to customers.
- Costs: PLM software can drive down manufacturing and part costs. But PLM can also help with the overall cost of products, including marketing costs, service and repair costs, training costs and more.
- Risks: PLM software can reduce issues with scrap, compliance and quality. And PLM can also be used to reduce overall business risks, such as having a deeper understanding of customer trends and product margins.
What’s clear from these benefits is that PLM can definitely help engineering, but cloud PLM software can have a much broader impact across the entire manufacturing business. Here are some the quantitative benefits for PLM:
- 20 - 30% faster time to market
- 50 - 70% shorter project times
- 5X increase in engineering productivity
- 25 - 40% lower development costs
- 30 - 60% reduced rework
- 40% fewer quality issues
Here are some more qualitative PLM benefits:
- Greater customer transparency
- Increased customer satisfaction and retention
- Faster time to profit
- Real-time visibility into product data and changes
- Improved compliance to standards
- Higher product quality