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Developing a new product takes time. In fact, it follows something called a “life cycle” which is basically a series of steps from conception and design to consumer use. This life cycle, then, requires something called Product Life Cycle Management (PLM) and Quantisweb PLM is among the best.
What is Product Life Cycle Management?
PLM, as we understand it today, actually began as an idea in the mid 1980s at the American Motors Corporation. The automaker, then, had hopes to develop a way for increasing their rate of product development so they could stay ahead of their competitors. And, basically, at the time, everyone was following a similarly methodical, but effective, process.
But American Motors Corporation released an initial model—the Jeep Cherokee—as a base for computer-aided design. Through the use of computers, they were able to improve their rate of development and quickly release another—better–model (the Jeep Grand Cherokee). And while adding computer aided design (CAD), they were also able to develop a new form of communication that would help them to more efficiently resolve conflicts sooner as well as reduce costs that are associated with engineering innovation.
Product Life Cycle benefits
Here is a concise look at the benefits of PLM:
- money (and time) savings through the recycling of old data
- product optimization framework development
- reduction in waste
- better ability to more quickly identify potential selling opportunities and additional revenue streams
- better product quality and more reliability
- lower prototyping cost
- more accurate and more timely request for quote generation
- quicker time between conception and market
- higher sales price
- complete engineering workflow integration
Product Life Cycle Management in Today’s Industries
Today, various industries enjoy the advantages offered by product life cycle management. After all, the purpose of Product Life cycle Management is to invent a more efficient process and when you find one that works, it will be quickly adopted by others. As a matter of fact, product life cycle management is actually considered to be one of the four cornerstones of the information technology structure of every manufacturing corporation. Regardless of the industry or the business, in fact, it is likely that every company could benefit from the improvement of information transfer and communication with customers or the improvement of supply chain distribution, resource use, and product planning and development.
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