Product Lifecycle Management, and why you should have it

Product optimization is best achieved when there is a focused attempt at controlling associated costs and quality in all stages of development. This is where product lifecycle management is fundamental: by managing all the processes and activities involved in new product development, organizations can ensure that the final product released to market is of high quality and low in cost.

Product Lifecycle Management (PLM) offers F&B organizations many advantages which include:

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  • Driving creativity and innovation
  • Improving operational productivity
  • Reducing costs
  • Lowering compliance risks
  • Reducing time to market
  • Improving product quality
  • Increasing revenue

The competitive advantage that organizations achieve through focused product lifecycle management is worth the time, finances, and efforts they need to invest.

End-To-End Control

Product lifecycle management starts when raw materials are procured from suppliers. Organizations can benefit tremendously by obtaining important information from suppliers concerning material origins and attributes. Being privy to these details will help organizations make informed decisions about vendors to preserve quality and save on costs.

Knowledge of raw material specifications also helps organizations eliminate wasteful and harmful processes. In the matters of food and beverage, a company must ensure standard safety protocols are met before they can even think about delivering a product to consumers. Early operational stages of PLM guarantee these necessary safety checks, which shorten time to market and eliminate the worry that products may not be up to par.

Product manufacturing is automated by ensuring that there are controls in place to verify the resources and processes used for development. The key here is communication. Each business partner involved in the product lifecycle should therefore have unrestricted access to information to help maintain products and raw materials.

Using Product Lifecycle Management Software

Today, it’s become mandatory for organizations to provide important information to all stakeholders, which is how PLM tools and software come in handy.

There are many companies that provide a host of software and tools that make product lifecycle management extremely easy for organizations.

Some of the benefits of using PLM software are:

  • Raw material identification and quality inspection made simple
  • Online forms that make it easy to upload and revise product-related data
  • Product and material information can be shared across teams and departments
  • Product designs can be uploaded and accessed remotely by product developers
  • Complete material and product history can be maintained
  • More efficient inventory management
  • Bottlenecks in processes and workflows can be easily detected
  • Real time information can be added into the system and new market demands tracked
  • Easier document and file management
  • Up-to-date and accurate bills of material
  • Drastic reduction of administrative work and costs

From R&D to customer service, all departments will benefit from the implementation of PLM software. In addition, the PLM software simplifies compliance with information sharing requirements.

An organization’s PLM software can be easily integrated with a global online database, facilitating seamless information exchange between suppliers, sellers, and customers – anything can be uploaded to the database, from ingredient lists to product catalogs.

As a result of this efficient exchange between involved parties, product launches and releases can be better managed because information is immediately available. The real-time market data input that integrates with the existing database enables managers to respond to changing customer needs.

Product Lifecycle Management and Product Lifecycle Phases

For successful product lifecycle management, organizations need to take into account the market characteristics of the various phases of the product lifecycle.

PLM software helps organizations track product performance across the product lifecycle by providing access to pertinent information in real time. In most cases, the PLM software will be used by multiple teams and departments simultaneously. This allows for greater organization-wide collaboration. By integrating PLM, companies can create a strategy suited to the requirements of specific product lifecycle phases.

From major cost savings to understanding customer purchase patterns, product lifecycle management adds great value to organizations. Implementing a strong PLM strategy can give organizations the opportunity to view optimization of their processes in real time.

2020-03-24T11:11:03+01:00Data Management, PLM|
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