In this article, we will cover the topic of product lifecycle management and some of the main tips and tricks for D2C brands to use.
What is PLM (Product Lifecycle Management)?
Product lifecycle management (PLM) can be described as a process of managing products when and how they are introduced into the market. This process includes the development of the product, growth, maturity, and decline of the product as well.
PLM is used for:
- developing a strategy and decision-making processes concerning the product portfolio
- determining a pricing strategy concerning the product
- determining a marketing strategy, along with a selling strategy and promotions
- leveraging and managing products within the product portfolio in order to help your company maximize profits
Tip nr. 1: Constant product and market evaluation
Given that the product lifecycle starts with an idea, it is important to do your research and conduct market testing in order to make sure that the chances of your product succeeding in the market are higher and better.
Moreover, it is also important to keep analyzing the market once the product is out. Product lifecycle consists of several stages, which are:
- product development
- product growth
- product maturity
- product decline
It is important to constantly analyze the market conditions, competition, and the way your product is doing in the said market. Constant checking and analysis can lessen potential costs that your company might incur, and it can also help you quickly react to any student changes that might happen.
Tip nr. 2: Keep an eye out for PLM metrics and how they perform
It is important to include metrics in your product lifecycle management stages because it gives you an overview of your PLM is successful and what can be improved.
Some of the PLM metrics to always observe:
- team productivity: Productivity should increase with better collaboration and information available.
- quality of output: Strong PLM should improve product quality, including improved first-pass yield or how many units are produced that do not have any defects.
- time-to-market efficiency: PLM helps organizations hit product launch target dates by process standardization and information centralization in order to improve efficiency.
- product development budgets: to see how efficiently your budget allocation is and whether change implementation is necessary.
Last, but not least, let us talk about a certain software integration.
Tip nr. 3: PLM integration with ERP
As was mentioned, PLM is a business strategy that continuously works on improving products and innovation with new offerings. Moreover, it is supported by a series of integrated software application solutions to address single stages of a product’s lifecycle or connect different functions.
PLM strategies and software include other modules, including marketing and sales and portfolio management.
Enterprise resource planning software can help you collect, manage, monitor, and report all the data which are necessary for a successful product life cycle management process. ERP software connects inventory and order management, accounting, human resources, CRM, and other steps in a product’s life cycle into one system for your entire company.
Therefore, it is advisable for you and your company to include the EPR software as well, as it can help track PLM processes and improve them if necessary.
Next steps?
There are numerous product ideas and a good amount of manufacturers that can make your idea work. Depending on your industry, interest, and expertise, it is completely up to you to build a product and put it out on the market. But we know it is not so easy to get started, therefore, you should visit us at wonnda.com and get inspired by the numerous products that are listed on our website.
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