This Tech-Clarity TV episode helps manufacturers understand the value of adopting PLM and justifying their investment. It follows our two earlier videos covering Getting Started with PLM and Choosing Your Path to PLM. The video shares top-line and bottom-line PLM benefits, how they are achieved, and how the cloud can reduce the investment and speed time to value.
Product Lifecycle Management software, PLM, improves engineering, innovation, and product development performance by improving the way manufacturers manage engineering data, processes, and projects.
But how do you justify the investment in PLM? What’s the payback for the business?
Let’s get some clarity.
Tech-Clarity’s research shows that Top Performing companies are 47% more likely to use a PLM system to support product innovation, development, and design. Let’s take a look at the strategic business value of PLM.
With more control, engineers can spend less time on tasks like searching for data or recreating data they can’t find. That reduces non-value-added effort that currently wastes about one-third of engineering time!
Higher engineering efficiency translates into faster time to market and better customer satisfaction, which drives higher profit margins.
Better data access gives more departments visibility to designs to get products right, reducing recalls and warranty work, which reduces costs.
It allows Manufacturing and Sourcing to get started earlier, allowing products to ramp to full production quickly to meet market demand and drive higher sales.
Better information sharing with PLM lets customers and suppliers collaborate on designs resulting in more innovative products and pushing market share and the top line even higher.
Whether you’re looking for operational improvements like better efficiency or measurable business performance gains, PLM delivers meaningful top and bottom-line financial improvements.
And PLM is more accessible than ever because cloud PLM can help your company reach these benefits faster with significantly lower resources and lower risk, resulting in a much higher return on investment.