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Top 3 signs you might need PLM software

By Joanna Rutter

If you haven’t heard the news yet: Product lifecycle management software isn’t just for engineering and operations teams anymore. Effective PLM software manages your entire product lifecycle — including commercialization — in one place across cross-functional teams.

Are you ready to make the switch to a cloud PLM that works for your whole organization? These top three signs may be telling you it’s time to move to the cloud.

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▢  Have you lost a customer, damaged your brand reputation, or hurt your bottom line in the past year due to a compliance failure?

What this sign is telling you: Your current PLM is incurring unnecessary risk

A PLM system can help you maintain a detailed change history to keep audit trails intact. PLM software helps mitigate risks through planning in a product’s initial design phase and promises a higher success in later phases of the product lifecycle, such as during product commercialization and go-to-market. PLM helps companies ensure that the target costs are met along with the supply and material availability in a constrained environment. 

▢  Do you lack clear visibility into product costs during the development phase? 

What this sign is telling you: You’re wasting time managing costing that didn’t have to be a surprise

PLM helps you model a forward-looking view of associated product costs at the industry’s increased pace of price erosion and variability. Plus, with cloud PLM software, teams securely log in to their PLM from any device, eliminating bottlenecks and data loss during crucial costing work.

▢ Was your most recent product launch clunkier and slower than you had initially planned? 

(Bonus question: Has a competitor gotten a product to market ahead of you in the past few years?)

What this sign is telling you: Your existing PLM is holding you back from accelerating time to market

PLM software helps companies get to market up to 75% faster with easier cross-team handoffs and no loss of information — keeping you ahead of the competition. PLM improves operational efficiency by consolidating all product records — communications, workflows, designs, and documents — in a single unified location, which means your team can move faster than your competitors.

Check out 5 more signs that might be telling you it’s time for a more modern and scalable PLM:

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Tags: PLM, Next-Gen PLM