Empowered companies have solutions to problems before those problems exist. How do they do it? Software that helps them manage every stage of a product’s lifecycle. Product lifecycle management (PLM) software helps retail, fashion, and other businesses stay ahead of the competition.
PLM software’s new, high-tech features are continuing to change how retail businesses cut time to market while reducing costs and driving collaboration. The right PLM software could be the best investment your retail business makes this year.
PLM Software Explained
Product lifecycle management (PLM) software manages a product from its inception through design, manufacturing, production, distribution, and maintenance. The initial conceptualization of PLM software was as a response to the complexities of accelerated design cycles and an increasing need to track the evolution of a product and its data.
PLM software is a collaborative tool that optimizes product management and development across an organization with a central digitized environment. PLM software helps designers put trends into production faster and keeps track of each variable during production. It also integrates customer and sales data to advance product development and aid retail management.
Today’s retail, fashion, and consumer-minded organizations need to be faster, leaner, and more responsive than ever before. Using product lifecycle management software options improves lead time, increases collaboration, and provides real-time information critical to meeting the demands of an ever-changing marketplace.
What Technologies Should Your PLM Software Have?
- Cloud-Based Solutions
The cloud delivers countless benefits to organizations. Cloud-based PLM software allows consolidated information to be accessible to organizations spanning various geographically dispersed locations, all through an internet connection. With lower upfront implementation costs, cloud-based solutions facilitate better communication between developers, manufacturers, and suppliers while protecting sensitive data through controlled access capabilities.
Corporations need to be able to work together with adaptable tools—often found in the cloud. These open systems help PLM software users to connect with other systems to share data, collaborate, and stay competitive.
- Mobile Apps
The need to capture inspiration, trends and notes can lead to stacks of papers, out-of-context photos, and missed opportunities. PLM software with mobile apps turns any team member’s mobile device into an instant sharing opportunity for collaboration and product development.
With apps that capture style pics and notes in a searchable, filterable format, to a database of material samples both previously used and newly discovered, having a PLM software connection through mobile devices keeps designers and development teams involved and effortlessly up to date.
- 3-D Features
Better, photorealistic 3-D models enhance product development. 3-D features within PLM software increase the efficiency of product updates and reduce the time needed to integrate collaboration or change order requests. Designers can create and modify 3-D representations without switching between CAD and PLM software, saving time and money.
- Artificial Intelligence
The product lifecycle is full of complex product information and manufacturing processes. Artificial intelligence (AI) platforms intertwined with PLM software are capable of analyzing and identifying insights from the multitudinous product data for decisions such as management, service optimization, and customer service programs.
Artificial intelligence in PLM software can provide an effortless management process with fewer errors and data protection. AI capabilities in PLM software can formulate predictions, proactively prevent delays, and coordinate real-time data related to management. Companies can benefit from cost reduction with optimized cycle time and provide safer and more effective products.
Why Should You Invest in PLM Software?
PLM software eliminates many of the challenges companies face in today’s modern marketplace. Some challenges it continues to solve:
- Collaboration: The lifecycle of a product requires multiple teams working across different positions, offices, and even countries. PLM software provides the right kind of tool for their collaboration. One, an all-inclusive platform gives all team members access to the information they need when they need it.
- Data Organization: PLM software organizes, tracks, and safely stores the hundreds of product documents generated in one central, easily accessed digitized platform. Duplicate information and multiple software services are no longer necessary.
- Product Innovation: The success of today’s retailers is often dependent on staying ahead of the trends and delivering the products consumers want. PLM software gives companies the ability to evolve in real-time while integrating customer and sales data.
- Time to Market: Time is money, and the time it takes to develop a product successfully can affect revenues. PLM software streamlines the processes of a product’s lifecycle to eliminate any costly delays and improve the overall development process.
PLM High-Tech Features Will Help Your Company
The new advances in PLM software increase the capabilities of your company and its ability to meet the needs of your consumers profitably. Each member of your product lifecycle can quickly and efficiently contribute to the products you provide. Invest with confidence and experience the benefits of the newest high-tech feature for PLM software for your business.
