Benefits of Product Lifecycle Management (PLM)
Reduce product cost
Conduct more comprehensive, less intrusive collaboration
Real-time visibility into evolving designs encourages early and frequent design checks; these permit sourcing, production, quality and service specialists, as well as supply chain partners, to provide timely feedback. Include all aspects of the product plans, drawings and procedures for production, inspection, service, repair and disposal. This information is available in a single location, without having to distract designers with on-going requests for in-process data.
Purchase fewer parts in larger volumes
Part re-use is difficult in larger organizations with significant numbers of parts. Relying on designers' memory or searching through the ERP system is a hit-or-miss affair, resulting in almost-identical parts being sourced. PLM encourages item exploration, which avoids sourcing new parts that are functionally similar to items already in inventory.
Increase production experience
Earlier product introductions ensure longer production runs; increased production experience results in more rapid, on-going cost reductions.
Reduce production rework and scrap
Changes are reviewed by all affected parties; on-line review and approval is faster and more comprehensive than paper-based change process; bills of materials are consistent and can include documentation on production and inspection processes.