Introduction to Product Lifecycle Management
Product Lifecycle Management (PLM) refers to a systematic approach to managing the entire lifecycle of a product from its conception through design and manufacture to service and disposal. Product Lifecycle Management integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise. At its core, PLM helps organizations manage product design, development and related information in one centralized system. This helps improve collaboration between cross-functional teams and enables better decision making throughout the entire product development process.
Design and Engineering Phase
In the design and engineering phase, PLM allows various stakeholders such as product designers, engineers and quality specialists to collaboratively design, develop and test new products on a single, centralized platform. Key team members can access the latest product data, documents and 3D models from anywhere. PLM facilitates concurrent engineering by enabling different departments such as mechanical, electrical, and software to work together simultaneously on a product's sub-systems. Engineers can also leverage the insights from past product development efforts to avoid recurring issues and minimize rework. Technologies like computer-aided design (CAD) and computer-aided manufacturing (CAM) are integrated within the PLM system to automate various engineering tasks.
Manufacturing and Production Planning
As a product progresses from design to manufacturing, PLM plays a critical role in production planning, resource management and supplier collaboration. Manufacturing engineers can access accurate bills of materials (BOMs), routing instructions and work orders directly from the PLM system. This helps reduce errors and rework during the manufacturing stage. PLM also improves visibility across the supply chain by enabling key partners and suppliers to access critical product data digitally. Manufacturers gain real-time updates about component availability from suppliers to schedule their production lines optimally. The different manufacturing equipment such as CNC machines can be integrated with PLM to improve traceability on the factory floor.
Quality Management and Compliance
An important aspect of PLM is ensuring that new products meet all required quality and compliance standards before launch. Quality managers use PLM to establish thorough testing protocols early in the design phase. As products move through each stage of development, quality gates within the PLM system trigger inspection and validation procedures. Non-conformances can be quickly captured and corrective actions tracked. Manufacturing issues reported from the plant floor also feed back into the PLM system. This closed-loop quality process powered by PLM helps establish robust processes to achieve targeted quality and reliability levels. Industries like aerospace, medical devices and automotive extensively leverage PLM for regulatory compliance and certifications.
After-Sales Service and Maintenance
Even after products are shipped, PLM remains critical for field service, maintenance and repairs. Service engineers rely on exploded diagrams, troubleshooting guides, technical documentation and updates stored in the PLM system. Customers can report issues which get logged, prioritized and assigned directly within PLM. The system ensures latest drawings, repair protocols and spare parts inventory are consistently available to service technicians worldwide. Original equipment manufacturers (OEMs) gain valuable insights about product performance and common pain points through analytics on service and repair histories in PLM. This helps drive continuous improvements in new product generations. PLM also extends product lifecycles by managing upgrades, remanufacturing and final disposal in compliance with regulations.
Benefits of Implementing PLM
PLM delivers significant business value across the product value chain. Organizations report improvements in various key metrics after adopting comprehensive PLM strategies and solutions:
- Time to Market: Companies have accelerated new product introduction by up to 25% by streamlining product development processes and removing information silos with PLM.
- Engineering and Design Efficiency: Cross-functional engineering teams complete tasks up to 20% faster leveraging current product data and catching issues earlier in parallel development modes enabled through PLM.
- Supply Chain Agility: Real-time visibility and access to pivotal product records helps manufacturers dynamically respond to demand spikes and production issues, maintaining 5-10% higher on-time delivery to customers.
- Manufacturing Quality: Integrated quality management in PLM reduces defects and rework at the plant by 15-20% through contextual inspection protocols and traceable non-conformance handling.
- Service Performance: Field technicians resolve twice as many customer issues on first contact with access to updated service documentation and spare parts availability via mobile PLM.
- Regulatory Compliance: Life sciences companies report up to 30% lesser instances of non-compliance findings from audits by rigorously mapping compliance requirements within PLM system processes and records.
In conclusion, implementing a comprehensive PLM strategy that covers the full product development cycles helps organizations drive higher innovation speeds, improve product qualities and optimize business operations. When people, processes and systems are effectively aligned through PLM, it results in significant gains in overall productivity, reduced costs and improved customer satisfaction for industry leaders globally.
Major factors expected to drive the growth of the product lifecycle management market include growing focus on developing groundbreaking smart products and factories, increasing need to build product innovation platform would support product lifecycle management-enabled applications, and growing demand for cloud-based product lifecycle management solutions for scalability and secure IT infrastructure.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=152565174Key and emerging market players include SAP (Germany), Dassault System (France), PTC (US), Siemens (Germany), Autodesk (US), IBM (US), Oracle (US), HP (US), Atos (France), Accenturs (Ireland), Arena (US), Ansys (US), Aras (US), Infor (US), Propel (US), Kalypso (US), FusePLM (US), Bamboo Rose (US), Inflectra (US), TCS (India).
These players have adopted various strategies to grow in the product lifecycle management market.Siemens (Germany) is a global firm that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years.
The company focuses on the areas of electrification, automation, and digitalization.
One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry.
In September 2019, Siemens collaborated with Bentley to introduce the Capital Asset Lifecycle Management solution for Teamcenter.
The solution built to help companies make the transition to digitalization and realize greater efficiency throughout the lifecycle of their capital assets.PTC (US) is a global leader in offering computer software and services in the market.
Product Lifecycle Management (PLM) Software Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Product Lifecycle Management (PLM) Software industry with a focus on the Chinese market.
The report provides key statistics on the market status of the Product Lifecycle Management (PLM) Software manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Overall, the report provides an in-depth insight of 2014-2024 global and Chinese Product Lifecycle Management (PLM) Software market covering all important parameters.The key points of the report:The report provides a basic overview of the industry including its definition, applications and manufacturing technology.The report explores the international and Chinese major industry players in detail.
In this part, the report presents the company profile, product specifications, capacity, production value, and 2014-2019 market shares for each company.Through the statistical analysis, the report depicts the global and Chinese total market of Product Lifecycle Management (PLM) Software industry including capacity, production, production value, cost/profit, supply/demand and Chinese import/export.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.The report then estimates 2019-2024 market development trends of Product Lifecycle Management (PLM) Software industry.
Key Questions Addressed by the ReportWhat is the growth perspective of the Product Lifecycle Management (PLM) SoftwareMarket and the key dynamics and trends governing the market?What are key sustainability strategies adopted by the leading players in the Product Lifecycle Management (PLM) SoftwareMarket?What are the new and emerging technologies and use cases disrupting the Product Lifecycle Management (PLM) Softwareindustry?What are the key applications where Product Lifecycle Management (PLM) Softwareplays a significant role?
Product Type I Product Type II Product Type IIIFor end use/application segment, this report focuses on the status and outlook for key applications.
Mechanical Equipment Automotive Industry Shipping& Locomotive Others Reasons to Purchase this Report: Estimates 2019-2024 Product Lifecycle Management (PLM) Software market development trends with the recent trends and SWOT analysis Market dynamics scenario, along with growth opportunities of the market in the years to come Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
Product Lifecycle Management Industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.Get FREE Sample Report Before Buying @ https://www.upmarketresearch.com/home/requested_sample/8167UpMarketResearch offers a latest published report on “Global Product Lifecycle Management Market Analysis and Forecast 2018-2023” delivering key insights and providing a competitive advantage to clients through a detailed report.
The report contains 97 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.Product Lifecycle Management Industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
Secondary research techniques are implemented for better understanding and clarity for data analysis.The report for Product Lifecycle Management market analysis & forecast 2018-2023 is segmented into Product Segment, Application Segment & Major players.Region-wise Analysis Global Product Lifecycle Management Market covers:United StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South America The Major players reported in the market include: AutodeskDassault Systemes SEPTCSiemens PLMApparel magicArasArenaOmnifyOracle AgileInforFor More Information, Please Visit https://www.upmarketresearch.com/home/enquiry_before_buying/8167Global Product Lifecycle Management Market: Product Segment Analysis: SoftwareHardwareServiceGlobal Product Lifecycle Management Market: Application Segment Analysis:ManufacturingConsumer ElectronicsHealthcareAutomotiveOtherThe Report covers in-depth analysis as follows:Chapter 1 Report OverviewChapter 2 Global Growth TrendsChapter 3 Market Share by Key PlayersChapter 4 Breakdown Data by Type and ApplicationChapter 5 United StatesChapter 6 EuropeChapter 7 ChinaChapter 8 JapanChapter 9 Southeast AsiaChapter 10 IndiaChapter 11 Central & South AmericaChapter 12 International Players ProfilesChapter 13 Market Forecast 2018-2025Chapter 14 Analyst's Viewpoints/ConclusionsChapter 15 AppendixBuy Product Lifecycle Management Market analysis & forecast 2018-2023 Report along with complete TOC @https://www.upmarketresearch.com/buy/product-lifecycle-management-market“Product Lifecycle Management Market Analysis and Forecast 2018-2023” report helps the clients to take business decisions and to understand strategies of major players in the industry.
Wipro's SAP PLM expertise enables end-to-end connectivity of processes, data, systems through PLM consulting and solutions to accelerate product development, meet targets, reduce TCO
