In today’s competitive business environment, companies must continually innovate and adapt their product strategies to stay ahead of the curve.
Product lifecycle management (PLM) is a key tool that companies use to support their product strategy and achieve success. in this latest Knowledge Base post, we look at what PLM is and how it can be used to transform business strategy.
Product lifecycle management is a process of managing the complete life of a product from conception to end-of-life. It is a systematic approach to managing product information, product development, production, and distribution. The aim of PLM is to streamline and automate processes to ensure efficient delivery of quality products and services.
PLM can be used to transform business strategy in a number of ways. Firstly, it can help companies to identify and assess the right markets for their products. By leveraging customer data and market intelligence, companies can identify markets with the highest potential for success and develop products and services to meet these needs.
Secondly, PLM can help to reduce costs associated with product development and production. By streamlining processes, companies can reduce waste and improve efficiency, resulting in cost savings. Additionally, PLM can provide data-driven insights into product performance, enabling companies to make informed decisions on changes and improvements.
Thirdly, PLM can be used to improve customer experience. By using data to understand customer preferences and needs, companies can develop products that meet their expectations. Additionally, PLM can provide data on customer feedback, which can be used to inform product design and development.
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Finally, PLM can be used to inform decisions on product launches and promotions. By gathering data on customer behaviour, companies can identify the best times to launch products and the most effective promotional strategies. This data can also be used to track product performance, enabling companies to track the success of their product strategy.
Overall, PLM is a powerful tool that can be used to transform business strategy. By gathering and analysing data, companies can identify and assess the right markets, reduce costs associated with product development and production, improve customer experience, and inform product launches and promotional strategies.
As such, effective product lifecycle management is essential for any company looking to stay ahead in the competitive business environment.