Product lifecycle management (PLM) offers a methodical approach to managing the series of changes a product undergoes, from its design and creation to its ultimate disposal or retirement. PLM is related to manufacturing, but the management structure can also be utilized for service provision and software development. PLM can be grouped into the following stages:
Beginning of life (BOL) - includes new product design and development processes.
Middle of life (MOL) - includes partnership with suppliers, warranty management, and product information management (PIM).
End of life (EOL) - includes policies for how the products will be discarded or recycled.
A PLM software system can help companies to manage their product's lifecycle by supplying a data warehouse for all the information that impacts the product. The program can be used to automate the management of product-related data and to integrate the data with other practices such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The goal of PLM software is to minimize waste and boost efficiency. PLM is viewed as a crucial element of the lean production model.
There are plenty of cloud-based SaaS programs available in the market and this makes it difficult for a company to select a suitable platform for their needs. The first aspect to consider is usability. Be clear about the changes required for your team’s procedures and workflow when you implement the software. Procure a program that adapts to your workflows and not the other way around.
The second functionality to consider is the user interface. It should be uncomplicated and easy to use so that your workers get the hang of it quickly. Get them involved in the selection and usage process, and evaluate their daily needs to find a good fit. Make the users view the demos and try out the free trials and obtain their feedback.
The third important element is scalability. Select a solution that can grow with your company. Though many SaaS providers offer enterprise packages, these are expensive for a lot of businesses. So, check if the platform allows you to export your data and move on to another system if required. In fact, select a provider that allows you to export your data as you can trust their honesty and they are the correct type of SaaS brands you should look to collaborate with.