Exactly what is PLM? PLM is short for product lifecycle management, which has grown into a $25 billion dollar worldwide industry over the past few years. With product lifecycle management systems, you could find your business gaining a number of decisive advantages over your closest competitors. Before you run off to go ink a deal for one of these software packages, you should know the answers to questions like “what is PLM,” and “what can it do for me?”
- Learn Your Product Better
This may sound a bit ridiculous, but product lifecycle management solutions can actually make it possible for you to learn your own products better than you ever thought possible. PLM software analyzes and manages the entire lifecycle of a product. From it’s initial conception and delivery to the market to being purchased by a consumer and discarded once it’s exhausted its use. Getting to know a product like that can be immensely beneficial.
- Simplify, Simplify
High quality PLM software can reduce issues with product quality by up to 90%. It also can reduce the time it takes to get an idea from the drawing board to the marketing by as much as 70%. The simpler and more efficient your business becomes, the better it will be for you. Inefficiency in your business only leads to wasted money, which can weigh down your business like an anchor.
- Solid Sales Leads
Because PLM software allows you to learn your own products so well, it also gives you an idea of who may be interested in them. A sales pitch is bound to be more successful overall if it’s directed at someone who is more likely to be interested in it. Once you learn how to market and sell them to the right people, you’ll be making more money while simultaneously wasting less time and resources.
So what is PLM software? PLM software is a tool that can help you learn to harness your own potential, and make something even better. With advantages like these available, it shouldn’t come as much of a surprise that according to TechNavio market research, the PLM industry is expected to grow at an estimated 9.5% CAGR rate until 2015.
With that kind of growth, it should be obvious that someone got something right. If you’re looking for a new way to eliminate waste and grow your business, you may find PLM software to be just what the doctor order. More like this: Plm consultant