Product Lifecycle Management Software Explained

Iron Man, Black Widow, Spider-Man… The Avengers are all formidable on their own but together they combine into an unstoppable force. Their many different powers and strengths come together as a greater force for good. Product Lifecycle Management (PLM) Software is like the Avengers: it uses various tools, right from the start, to ensure cost reduction, design efficiency, up-to-date tracking on product shipments and so on.

The Avengers sometimes have to break into groups and get things done in pairs or individually while all on the same assignment. This is like the itemization that comes with PLM Software. Itemization is when you take a whole and divide it into its separate parts and then delegate those parts to ensure they get the best care and attention. Makes sense, right?

PLM Software is essentially a system that stores, processes and manages all the steps and data across a product's life span, from the birth of its idea to the delivery of the product to end-users. This software ensures that from start to finish, your product lifecycle processes run as smoothly and quickly as Tony Stark's quips!

If you choose PLM Software, you will be signing up for faster production of each product, quicker innovation, higher revenue and increased customer loyalty. PLM Software – assemble!
 

What Is Product Lifecycle Management (PLM) Software? Nick Fury is Here to Explain!

Before jumping into the software, let’s learn more about Product Lifecycle Management (PLM). PLM is a discipline designed to manage and streamline the lifecycle of a product. It starts with the initial concept of the product and continues to how it would be optimally put into the consumer's hands. The idea of PLM works on the notion of itemization, which means dividing the work. Think about it in this way: instead of building an Iron Man suit all at once in one location, you make each part and then ship the parts to one location to assemble it. You then sell the suit to the worthy suitor who would "love it 3,000!"

A PLM Software is what helps businesses keep track of the itemized parts of the product all the way to the integration of the elements as one and even further to its final shipping destination to the customer. AWESOME! This software also makes it easier for people in different parts of the world to communicate and collaborate on the product, helping many businesses expand their globalization.

Want to know how this tool rose to power? Let's learn about the origin story of PLM Software!
 

A History As Dense As Vibranium – Evolution Of Product Lifecycle Management (PLM)!

The discipline of Product Lifecycle Management (PLM) began as a method to optimize the ideation, development, manufacture, sale and decommissioning of a product. Basically, it's how people got their products to the market quicker, reduced costs, managed quality and ultimately decided what to do with a product when it went into a decline. As time went on, technology seeped in and we developed a software to facilitate this discipline. #DigitalTransformation

This software has been around a long time and through many different forms! Here's some super exciting history:

Back in the 1950s, the US Department of Defense launched Configuration Management (CM), which documented and tracked properties. It remained a paper-based process for a while due to how expensive computers used to be.

In the 1980s, Computer-Aided Design (CAD) became popular, which was created and implemented into a PLM Software by the aerospace and automotive industries to manufacture their products better.

In 1992, the Jeep Grand Cherokee was born. (You didn't think you'd be getting some sweet facts about cars here, did you? Well… you're welcome!) This was the first recorded product to use a central database (comprised of multiple software and technology tools) to design their product faster. It was the first recorded use of what we now know as "Product Lifecycle Management Software."

In 2000, the first cloud-based PLM software (bomcontrol.com, later changed to Arena Solutions) came into being. A decade after that, in 2010, PLM Software manufacturers realized the benefits and efficiency of moving the software into centralized cloud-based systems. Righteous! Nowadays, PLM Software focuses on product launches, innovations and improved management; not only that but it can do so all in one handy software!

In the next phase, we will learn how the software actually works.
 

JARVIS Will Explain How It Works!

PLM Software integrates different systems such as ERP (Enterprise Resource Planning) systems and CAD software. Usually, PLM Software includes multiple users within the organization, all with varying roles and permissions for the product data management. PLM Software connects these users with relevant processes and product data, enabling the lifecycle data to be analyzed for metrics such as business performance, operations, sales and customer satisfaction.

After all, a product's lifecycle is measured in four stages: introduction, growth, maturity and decline. Manufacturers use PLM Software to manage and evaluate each step, moving the product from an idea to shelves to customers.

Let's go back to our previous example of Iron Man's armored suit. Any business could use PLM Software first to itemize that suit into different parts and easily track where each part of the suit was in the development process. Other parts of the suit may need to be outsourced to different parts of the globe and PLM Software would help connect users from all over the world under one platform. The business could then use the PLM Software to track all steps in the armored suit engineering process, where the different parts come together as one. The software also logs all the data related to the entire process, including the time needed for making each unit, the individual parts, their prices and so on. Whew, that's a lot!

Then, the PLM Software keeps track of the shipment of that finalized suit to the customer, ensuring it gets delivered in time. Finally, the business can keep individual customer data to use for the next time, ensuring a more specific and efficient customer service system.

Oh, the repulsor units on the suit are broken – sending a shipment right away, sir!

What’s The Need For PLM Software?

PLM Software was originally used solely by engineering and operations teams. Today, however, it is used by many different types of companies. PLM Software helps with product commercialization by improving a company's growth and better managing product readiness and operational efficiency. SHIELD must be using one of these bad boys when they schedule their world-saving plans!

PLM Software also helps resolve issues that could cost a company or business money from serious delays and an overrun budget. Moreover, PLM Software allows contextual collaboration from start to finish for people working in all areas of the product's creation. This helps with revenue, as companies can repeat the processes that work for them and more easily modify and correct them. Super helpful!

PLM Software is not limited to just one type of product and can be used with engineering, technology, software, Ecommerce and so on. It especially helps companies with product data management, computer-aided design manufacturing, digital manufacturing, operations  management and predictive analytics. Essentially, PLM Software enables businesses/ companies to have a "full-spectrum" view of the product from start to finish – with data to back it all up!

That’s sure to have some benefits!
 

More Benefits Than Iron-Man's Suit!

PLM Software has many benefits - tons and TONS! It provides collaboration tools for networking and communicating across global teams. It includes lifecycle data analysis as well as product management resources. Additionally, PLM Software assures quality control, reduces production risks, increases both revenue and productivity and accelerates production time: all of these many features under one centralized system? That's a BARGAIN!

PLM Software also helps users access all information in one handy place, which brings everyone together as a team under one cohesive platform. That’s not all though, PLM Software streamlines business processes by giving you a bird’s eye view of every touchpoint in the product lifecycle. Diving into more detail, there are five main areas essential to PLM Software that benefit businesses:
 

• Product Data Management (PDM)

  it is responsible for managing all product data.

• Product Information Management (PIM)

  this module handles the information needed to market/ sell products to consumers.

• Collaborative Product Development (CPD)

  this allows different groups of workers to come together and work on the project as one team. (like the Avengers!)

• Direct Materials Sourcing

  it helps businesses with sourcing the materials needed the make the product.

• Product Portfolio Management (PPM)

  this module stores the information about the different product requirements and the decisions made across the product's lifecycle in one place.

We’re sure you’re impressed but what’s next will blow your minds – read on for the future of PLM Software!
 

Dr. Strange, Will PLM Software Improve In The Future?

 
In the future, PLM Software will expand in many ways. It will be focusing on better integration across all departments and increased usage in each business vertical of the organization. Data visualization will be better and more effective as it will be used with Augmented Reality and Virtual Reality systems. Rather than just product data, PLM Software will also expand for order management and quality management in enterprises. Let's give three cheers to the mighty hero of the digital world, known as PLM Software! Having access to the production data and the overall itemized parts of a product in one easy place is super helpful for businesses. It ensures that things don't get lost in the shuffle and that quality control is better for every single product, through each stage of the way.

Well, looks like the Iron Man suit is assembled; need to go test it now!