Introduction to PLM
Product lifecycle management (PLM) refers to a systematic approach used by companies to manage product-related information and processes throughout a product's lifespan, from the initial concept phase through design, development, manufacturing, and support or disposal of retired products. PLM aims to streamline processes across departments by facilitating collaboration and data sharing throughout the entire product development workflow.
Product Design and Development Phase
In the initial design and development phase, PLM software helps teams collaborate on product ideas, plans, and specifications. Engineers can work together in a centralized system to design and test digital prototypes before any physical production. With PLM, teams have access to the most up-to-date digital files and bill of materials as the design evolves through multiple revisions. Change management workflows ensure everyone is working with the approved versions.
Another key aspect of PLM during design is supporting compliance. Systems facilitate embedding requirements and standards into the digital files from the beginning. This makes it easier to validate the final product design meets all quality, regulatory, and certification standards before moving to production.
Manufacturing and Procurement Processes
Once the product is designed, PLM takes on an important role in manufacturing and procurement. Digital files are handed off seamlessly to manufacturing teams and partners. PLM provides visibility into the bill of materials and workflows to order, receive, and track component inventory levels as products are built.
This up-to-date component data enables just-in-time procurement strategies that minimize warehousing costs. Manufacturers also have access to assembly instructions, quality inspection criteria, and other documentation directly from PLM. The system captures production data like serial numbers as individual items come off the line.
Product Support and Service
Even after products ship, PLM continues supporting key business operations. Service technicians leverage the materials, drawings, and service history data in PLM for repairs and maintenance tasks. Customers can reference product information, manuals, and approved replacement parts.
Recalls and field service actions are facilitated through the PLM system as well. By tracing serial numbers, PLM helps efficiently identify and notify affected customers. Overall equipment effectiveness analyses also rely on production and maintenance data from PLM systems.
Product Retirement and Compliance
Toward the end of a product's lifecycle, PLM takes on responsibilities related to retirement, disposal, and ongoing compliance. Systems help orchestrate final production runs and the transition to supporting retired products. PLM maintains documentation necessary to prove compliance with standards even after products are no longer manufactured.
Regulatory agencies can reference a comprehensive auditable history in PLM for things like material content, emissions certifications, and product safety documentation. Systems likewise support managing intellectual property rights as patents expire.
Benefits of Implementing PLM
When properly implemented, PLM offers compelling benefits that improve productivity, quality, and compliance across the entire product value chain. With PLM, companies realize significant time and cost reductions through streamlined processes, reduced errors, and optimized resources and inventory. Teams have access to the information they need to make high-quality decisions as products progress from concept to retired status. Overall equipment effectiveness metrics demonstrate the tangible impact of improved operational efficiencies as well.
Implementation Considerations
Of course, getting the full value from a PLM investment requires a well-planned implementation tailored to an organization's unique needs, processes, and goals. Change management is important to drive adoption across departments still relying on paper-based systems or data silos. Attention to configuring workflows and setting up required record types is also critical for realizing the collaborative advantages during actual use. To justify the costs, companies focus PLM implementations on their most valuable products or complex manufacturing operations as a starting point.
Conclusion
In today's globally competitive environment with compressed development cycles, an effective product lifecycle management strategy is essential for optimizing product development and operational efficiencies throughout a product's entire lifecycle. When implemented correctly, PLM streamlines collaboration, improves decision making with unified access to up-to-date information, fosters compliance, and boosts productivity across engineering, manufacturing, service, and more. For manufacturers looking to gain competitive advantages, implementing PLM represents a sound long-term investment.
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.
Every product goes through a natural stage of development, growth, and maturity.
That’s why project managers and tech entrepreneurs rely on mapping out the various product development stages to obtain greater insight into the next steps.
Additionally, with added innovation and new features, the modern product development process becomes increasingly complex.
This is when the product is being developed and is going to be launched to the market in the coming quarters.
From an R perspective, this includes iterating on a marketable design, including widgets that will allow the product to have a unique positioning.
To know about all the stages read: Product Development Stages
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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.
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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.
