Product Lifecycle Management software isn't a tool that you hear about every day in the digital world. But over the past few years, it has slowly become an essential tool for businesses involved in the design, manufacturing, and distribution of products. This software helps manage the entire lifecycle of a product, from its initial design to its final distribution.
PLM software provides businesses with a suite of functions that help you streamline your product development processes. It is also a great resource because it helps reduce errors and improve collaboration among team members when working on product manufacturing and development. In this guide, we will explore the top features of PLM software and how they can benefit your business.
If you're a small business owner or a large enterprise executive, understanding these features can help you make an informed decision when choosing a PLM software solution. So, let's dive in.
What is a Product Lifecycle Management Software?
Product Lifecycle Management (PLM) software is a system that manages the entire lifecycle of a product, from its initial design and development all the way to its manufacturing, distribution, and ultimate disposal.
The software helps businesses to efficiently manage product information, design data, and documentation, that they can then go back to if they need them. It also provides collaborative tools for teams working on a product so that developers, manufacturers, fulfillment crew, and so on, can work together to create, handle, and deploy your products well.
PLM Software is commonly used in industries such as manufacturing, aerospace, automotive, and consumer goods, where there is a need to manage complex product development processes. It typically includes modules for managing different aspects of the product lifecycle. Those aspects might include:
Design and engineering
Product data management
Project management
Quality control
Regulatory compliance
Managing the supply chain
Coordinating with vendors and suppliers
The product lifecycle management market has seen tremendous growth, clocking in a CAGR of 7.2%. The top PLM software will bring your business increased efficiency, faster time-to-market, improved collaboration, better quality control, and the ability to manage complex product configurations.
5 Features of Great Product Lifecycle Management Software
So, what are the main features that businesses, manufacturers, and logistics teams can use to improve systems? These five features are definite must-haves and can drive business growth once used well:
1. Product Data Management (PDM) and Product Information Management (PIM)
PLM software manages product information and data, such as design files, bills of materials, specifications, and manufacturing instructions, among others. This feature ensures that the latest product information is easily accessible to all stakeholders involved in the product development process.
Product data is crucial from end to end, not just in designing and manufacturing. Product Lifecycle Management practices for sustainable businesses have also even started looking at product data usage in waste management and disposal to help improve solid waste management efforts.
2. Product Design and Engineering/Specification
PLM tools also include tools for product design and engineering. This may include computer-aided design (CAD) and simulation software that enable designers and engineers to create and test product designs before they are manufactured.
With such tools, you're able to design and create better products. You also get to closely monitor quality in production with this kind of feature in place.
3. Project Management
PLM software includes project management features to help track and manage product development projects in your teams and also externally with partners and suppliers. There are definitely many options available for project management, but having one specific to product development and manufacturing will help you monitor and polish product lifecycle-related issues and activities.
A project management feature for PLM will include abilities like project scheduling, task assignment, and progress tracking. These all help ensure that product development projects are completed on time and within budget.
4. Quality Control and Compliance
PLM software includes quality control and compliance features that help ensure that products meet regulatory and quality standards. This may include features such as product testing, inspections, and audits.
You can even merge PLM software with your customer support software to track any complaints of manufacturing errors. That way, your product development and manufacturing team get timely feedback to help improve product quality. Take time comparing help desk software systems and see which one you can use with your PLM system.
5. Collaboration
PLM software provides collaboration tools to enable teams to work together on product development projects. This may include features such as team chat, document sharing, and real-time collaboration on design and engineering tasks.
Effective collaboration helps reduce errors and ensures that all stakeholders are working towards the same goal. PLM tools are also great alternatives to Smartsheet, so you can centralize collaboration in product development.
Streamline Your Product Development Process
By leveraging these features, businesses can streamline their product development processes, reduce time-to-market, and improve product quality. Understanding the benefits of PLM software can help you make an informed decision when selecting a solution.
When checking any PLM software list, think about what goals you want to achieve with a PLM tool. Some goals might include bringing new products to market faster, ensuring regulatory compliance, and improving collaboration among team members.
So, if you're looking to improve your product development process, consider investing in a PLM software solution that meets your needs and can help you achieve your business goals.
To learn more, visit a PLM software like 3 Clicks Cloud, tailored for fashion wholesale and retail businesses, and allow us to guide you towards success!