Product Lifecycle Management
Product Lifecycle Management (PLM) has significant impact on revenue and profitability and is integrally linked to company-wide supply chain strategy. It includes the processes, technology, and management systems to plan, design, manufacture, launch, and service product portfolios, focusing on the performance aspect of product innovation, customer focus, and operational efficiency.
Hitachi Consulting uses a detailed PLM Improvement Framework methodology that covers:
- Product Portfolio Management
- New Product Introduction and Product Discontinuation
- Product Design Optimization
- Product Engineering and Design Collaboration
- Engineering Process Optimization
This framework assists companies define PLM process needs, select the "right" PLM technology, develop specific plans and approaches to implementing PLM solutions, and implement the optimal technology and process changes.
Companies that implement PLM can achieve:
- Significant improvements in overall SCM flexibility thru optimal product design
- Reductions in time to market for new product introductions
- Up to 90 percent improvement in engineering change cycle time
- Up to 1,000 percent increase in engineering change throughput
- 10 to 25 percent reduction in total product development time
- Up to 10 percent reduction in total product development costs
Read our latest whitepaper - Integrating PLM and PIM for Maximum Value
View a full list of our Product Lifecycle Management articles and case studies.