Bringing a new product to the marketplace entails many different processes across all departments for a successful launch. Throughout this process, pre-launch and after, the management of the product lifecycle is extremely important.
How does product lifecycle management work?
Product lifecycle management (PLM) is the process of overseeing and managing the life of a product, from inception to the eventual discontinuation. From manufacturing, distribution to the continued servicing of the product, it looks at all the actions and processes involved.
One key component of PLM is gathering individual information sets from each department across the business, which is used to create a central database. Product data management from a central database enables every team across an organisation to share their knowledge and expertise through a unification of data. Throughout the lifecycle, new data will be added to reflect new developments and testing results. If the data is then made available via a company intranet or extranet platform, third parties from other organisations who are collaborating on the project can readily access the information they need, negating the need for time-consuming email chains and meetings.
Agile and efficient PLM is particularly important for industrial machinery manufacturers whose products are built for longevity. Over time, the company will need to be in a position to provide replacement parts and services to current or legacy technology while developing new technology - so a system needs to be in place to assist with this.
Using a system that provides the ability to look back at the original drawings and schematics will prove invaluable to those working on the development of machinery that will supersede the original, ensuring that any design flaws are not inadvertently replicated.
How an ERP solution can benefit the product lifecycle management?
ERP systems integrate critical aspects of a manufacturing business such as production, purchasing, planning, sales, finance, inventory and product data management.
Manufacturers manufacturing industrial machinery would greatly benefit from a fully integrated ERP system because it would effectively negate the need for a separate Product Lifecycle Management system. A comprehensive record of all data relating to the design, future development, the production of a product and its component parts is essential when considering future maintenance, enhancements and changes.
In addition, integrated ERP and PLM can help to achieve significant cost reduction throughout the initial development process and subsequently. This occurs through the increased efficiency and productivity that will result from the improved, seamless communication that can be achieved, together with the comprehensive data library that has been created and stored.
WinMan ERP is designed to provide an all-in-one ERP Solution with integrated functions such as Product Lifecycle Management for designed for manufacturers. For more information on how WinMan could benefit your organisation, one of our helpful team today.