The increased product innovation, ever-increasing quality and compliance regulations, the changing working models, tight profit margins, and new business models are some of the many factors that are driving dramatic changes in the market dynamics for high-tech manufacturers, forcing them to reconsider their existing business approaches. This is where PLM outshines. Keep reading to explore the benefits of a robust PLM solution for high-tech manufacturers to remain relevant in the changing business environment.
What is Product Lifecycle Management (PLM)?
A Product Lifecycle Management System is an information management system that enables manufacturers to accelerate product innovation and maximize profitability by optimizing people, processes and information about the products throughout the product life cycle.
Why is PLM so Important for High-Tech Manufacturers?
PLM has strategic importance for high-tech manufacturers to design and deliver high-quality and compliant products. It improves financial performance and drives operational efficiencies by shortening the time-to-market, easy product tracking and efficient resource allocation. PLM allows manufacturers to have a unified framework to fuse changes to items more efficiently and productively. It drives tangible benefits by reducing the overall costs of manufacturing through optimization of supply chain processes.
Advantages of PLM Cloud
Increased Productivity across Product Lifecycle
Productivity relies on the ease of accessing the information about the product, allowing manufacturers to design and implement strategies effectively. PLM Cloud permits data to be centralized in one spot, sparing time spent searching for the required product data hence reducing the overall product lifecycle time. Moreover, traceability across the product portfolio due to integrated modules within the PLM system, including Product Development, Quality Management, and Innovation Management make the processes efficient. The productivity is also enhanced by the streamlined change orders, allowing changes to be made and communicated to other systems at a fast pace.
High Quality, Compliant Products
Cloud Product Lifecycle Management allows organizations to introduce high-quality and compliant products with a quick turnaround time. Nowadays, there is an abundance and increased complexity of regulatory compliance to ensure harmful substances are not used in the manufactured goods. Non-compliance with these regulations may result in hefty fines and penalties, causing huge reputational and financial losses to businesses. With the integration of PLM, businesses have better controls of which product guidelines to follow for each good.
Product Lifecycle processes will lower your product costs and significantly shorten your cycle times, which will increase your revenue. PLM ensures this by providing complete product-related information seamlessly on one platform. This optimizes the overall production processes and helps in monitoring the results in real-time. Not only that, this helps deliver high-quality yet cost-effective products.
All these above advantages of the PLM cloud are the reasons why businesses are conducting on-premise to cloud migration so high-tech manufacturers can directly benefit in designing and building their products.
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