It encompasses all the key aspects of the product life cycle including planning, manufacturing, marketing, service, finance, and the after-life stage. With PLM, companies gain significant benefits by reducing costs, streamlining operations, improving productivity, and creating long-term value. Product Lifecycle Management is a subset of enterprise resource planning, orERP, which focuses on the entire life cycle of products. Product lifecycle Management can help reduce waste by decreasing churning costs but also reduce inventory - one of the largest wastes in any manufacturing environment. Also, it helps companies determine the most cost effective way to maintain their manufacturing capacity at maximum levels given existing customer and economic conditions.
A flexible PLM approach that focuses on all the phases of the lifecycle has several key benefits for businesses. It helps in better leveraging the investments made in the research and development of new products, reduces operational costs, improves quality and service, minimizes product returns, increases customer loyalty, and facilitates effective control over the supply chain. It helps in aligning the strategies and objectives of different departments in an effort to achieve maximum overall company impact.
Product lifecycle Management helps in identifying bottlenecks and resource leaks in the production process and in turn help in improving efficiency in the production processes. It also identifies and addresses problems such as over-supply, over-production, defects, and other manufacturing delays. The aim of PLM is to improve the quality and cost of manufacturing processes and to provide customers with improved after-sales services. It also facilitates the flow of information and communication between employees within the organization, suppliers, and customers. It aids in quality improvement and helps in building cohesive and mutually beneficial production and supply chain networks.
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