Product lifecycle management (PLM) has evolved into a solution that’s now widely accepted as an essential component for helping accelerate the product development process to bring products to market quickly.
PLM’s adoption has been further advanced by growing trends like the globalization of manufacturing, transitions to cloud solutions, and new and emerging technologies.
As more companies use cloud-native PLM solutions to meet challenging product delivery targets or faster, efficient design innovation, PLM is helping companies reinvent how they bring products to market.
While implementing a PLM solution presents many benefits, there are some challenges to successful adoption.
Let’s take a deep dive into some important benefits and challenges PLM solutions offer:
Collaboration is the lifeblood of every organization—it ensures everyone is working together to accomplish the same goal. When it comes to collaboration with dispersed or global teams, cloud-native PLM solutions provide a single unified platform where all product-related information can be managed, so teams have ubiquitous, real-time access.
Three ways PLM improves collaboration:
PLM solutions streamline the management of product information and processes across the entire organization—from design to manufacturing. Keeping all stakeholders on the same page reduces errors, saves time, and speeds innovation.
Many companies are realizing the competitive edge of integrating PLM with other upstream and downstream solutions like computer-aided design (CAD), enterprise resource planning (ERP), and manufacturing execution systems (MES), creating a seamless transfer of information.
Some ways PLM boosts efficiency:
Ensuring compliance with regulations should be a top priority in every organization. By integrating compliance into PLM processes, companies can save time and effort in addressing issues and reduce the risk of regulatory complications. Using templates, automated workflows, and reports can significantly streamline compliance efforts, making the entire process more efficient and effective.
Benefits of PLM for regulatory compliance:
By optimizing processes and reducing inefficiencies throughout the product lifecycle, PLM helps create cost-saving opportunities.
PLM reduces company costs by:
PLM is essential in helping develop innovative products, especially as business conditions and technology shift with customer demands. PLM can seamlessly integrate with new and emerging technologies creating an array of benefits and opportunities.
Quality management system (QMS) software solutions let organizations systematically control quality policies, procedures, and documentation to comply with regulatory requirements like FDA, EU MDR, and ISO. QMS connected with PLM can improve an organization’s efficiency, compliance, and collaboration.
PLM brings it all together by:
Implementing a new PLM solution comes with its own set of challenges and rewards; however, selling PLM to the company can get personal—there are many reasons why employees, teams, or companies are resistant to change.
Responding to change through clear communication, comprehensive training, and involving team members in the implementation process can help mitigate resistance and ensure a smoother transition to PLM.
A few general reasons for resistance to change include:
The cost of PLM can vary, ranging from less than $10,000, to several thousand, and up to millions of dollars depending on different variables such as the number of users, technology platform (on-premises, hosted, or cloud-native), consulting requirements, and any customizations. Traditional on-premises PLM solutions introduce additional IT costs, and overhead can be complex to implement and integrate with existing systems and may require significant time and effort to fully utilize all features.
Migrating data and information can also be a source of resistance to change, especially as implementing a new PLM solution often involves migration challenges.
Some common issues include:
Ongoing maintenance and support for PLM solutions can present several challenges. Addressing these issues effectively requires a proactive approach, including regular system audits, user feedback, and a dedicated support team to handle any problems that arise.
Common maintenance issues include:
Scalable PLM solutions enable companies to adapt product development processes and data management to changing market conditions, expand product lines, or enter new markets, achieving rapid growth without major disruptions or significant infrastructure overhauls. It’s important that a PLM system is scalable and can grow with an organization.
Some scalability challenges:
Cloud-native PLM has significantly impacted the market by enabling time to value, improved collaboration across global teams, streamlined processes, and reduced costs through cost reductions associated with low to no IT investments and overhead. PLM enables companies to quickly adapt to changing market needs and innovate more efficiently.
A cloud-native solution offers several advantages that help overcome common challenges in PLM systems:
Organizations are looking for ways to leverage the power of technology to do more with less—less resources, less time, less cost. Companies considering implementing PLM should realize that embarking on any new enterprise software implementation presents its own array of benefits and challenges.
By using a cloud-native PLM solution, companies can reduce common challenges and implement a solution quickly to breathe new life into their products with improved innovation or go-to-market strategies, capturing greater market share.