In PLM System Comparison, What Are the Important Points?
According to recent statistics from AboutPLM.com, the PLM, or product lifecycle management, consulting services industry has exploded within the last decade. In a one-year period, industry worth jumped from $24 billion to $27 billion. In 2013, the PLM solutions industry is expected to see 7.5% growth, further cementing the sector as a key player in developing businesses for success.
What is Product Lifecycle Management, and Why Does It Matter?
According to Northern Kentucky University's definition, PLM, product lifecycle management, is the method of managing the lifespan of a product or service so that businesses can better market their products and increase profits. The product lifecycle management process sees businesses' products through from introduction to growth, continuing on through maturity and decline. According to PLMSavvy.org, when PLM is properly implemented, it helps businesses yield an 18.5% increase over their original projected profit margins. In some cases, the profit margin is increased by 26.5%.
Product lifecycle management services, as with any other form of business, are not all at the same level. Some systems offer high quality services, enabling them to offer higher returns on service. On the other hand, there are many low quality systems that do not yield great results. Subsequently, any business hoping to benefit from product lifecycle management systems should conduct a thorough PLM system comparison before buying into any service.
In PLM System Comparision, What Are the Important Points?
- A Truly Encompassing Approach
Businesses who implement PLM systems into product development and marketing can see a 65% reduction in implementation costs and, as Arthur D. Little points out, billions in reduced costs as production, engineering, and implementation are all fully considered. However, in order to take advantage of those statistics, companies need to be sure that they complete a thorough PLM system comparision. In doing so, they can find a system that takes all variables into account ahead of time, helping to ensure greater profits and eased implementation concerns.
- Size of Company Serviced
As the PLM Technology Guide shows, every PLM system is built and operated to work with businesses of certain sizes. For instance, some systems are meant to handle small to medium sized companies, while others are engineered for the purpose of focusing on larger clients. Subsequently, businesses conducting a PLM system comparision should note exactly what type of business each system was designed for if they want greater success.
There can be no doubt that implementing a PLM system can be a great boon to any business. However, PLM system comparision is key to finding a solution that fits all the needs and wants that a business is trying to meet. Keeping these things in mind, businesses can be better equipped to find the best product lifecycle management software.