The projects your business undertakes are its lifeblood. Consider, if your company specializes in handheld tablet technologies, you need to be constantly researching new products, managing the products you have on the market, and ceremoniously removing old products from retail when the time comes. Unfortunately, whether you’re developing a new product or your project entails winding down an outdated one, the chances are pretty good that your projects will fail. The IT industry, for example, has a project fail rate of over 50%, according to CIO. Some statistics show that overall project failure rates might be higher than that.
Whether you work in IT or food production, you need ways to ensure your projects’ success. After all, every project failed means wasted time and money, both of which add up quickly. Luckily, product lifecycle management can help you avoid these issues altogether.
What is Product Lifecycle Management?
If you’re wondering “what is PLM,” informational product lifecycle management website Product-Lifecycle-Management.info provides us with the perfect definition. PLM, the source writes, is a business strategy that focuses on the successful collaboration, management, circulation, and use of a product. This definition extends to services well, and applies to businesses of all types. In a nutshell, as the name implies, PLM is the act of managing your project from creation to death.
How to Improve Your Product Lifecycle Management
Since successful PLM can have such a positive impact on your business overall, you need to find ways to improve it. There are few better ways to do so, perhaps, than by using PLM solutions in the form of software. The reasons for using this software are many, but here are the most important:
- Consolidate PLM Software into One Suite
- Reduce Human Error, Lost Profit
Most businesses have to rely on multiple pieces of software to run different stages of their products’ lifecycles. For example, you might use one application to manage RandD, while using another to keep an eye on inventory dissemination. According to Visual.ly, many businesses rely on using five or more pieces of software at once. However, modern PLM solutions consolidate all of that functionality into a single suite.
Likewise, the best PLM systems work to reduce human error, thereby protecting your bottom-line and ensuring that your projects actually reach fruition. They don’t just put a small dent in your human error rates, either. The best PLM software can reduce human error in your company by 100%.
If you’re tired of hemorrhaging money and time on failed projects, find ways to improve your PLM immediately. By consolidating services and completely ridding yourself of human error, your business can only get better. Helpful sites: Plm training
