Product lifecycle management (PLM) should play a pivotal role in all manufacturing, distribution and retail businesses. As new products are introduced, having the right level of inventory, supplied at the right time, at the correct cost is imperative to gain a competitive advantage and market share. Similar processes apply to product discontinuation.
We have proven experience in implementing product lifecycle processes. Whether that’s creating an initial order model, optimising your replenishment practices, or segmenting your current inventory profile to reduce your excess inventory exposure, we’re here to help.
Our expert PLM consultants will work with you to understand your unique business needs and provide recommendations based on your exact requirements. Here’s how we’ll do it:
We’ll begin by carrying out a comprehensive needs assessment. This step evaluates the specific requirements of your product line, identifying operational challenges, goals, and inefficiencies, whether it be new product launches or a lack of discontinuation process.
We’ll conduct thorough market research to understand current trends and competitor strategies. This step involves comparing features, benefits, and limitations of various approaches to identify the best solutions for managing your product line’s lifecycle effectively.
We’ll then develop tailored strategies for each stage of the product lifecycle, from conception to retirement. This involves planning for product development, market introduction, growth, maturity, and decline.
We’ll create a detailed implementation plan that includes timelines, resource allocation, and key milestones. This step ensures that strategies are executed efficiently and effectively. Proper planning helps in managing risks and coordinating efforts across different departments.
We’ll then advise on planned strategies while continuously monitoring their performance and collect data on KPIs to measure success and identify areas for improvement.
Feedback and insights gained from monitoring will be incorporated to refine and optimise the PLM process. Continuous improvement ensures that the product lifecycle strategies evolve with changing market conditions and business needs.
– Phil Wright, Head of Logistics, Greggs
Once a product has become established, we can help you optimise the replenishment and manufacturing plan. This ensures that customers are delighted with your service and that internal financial measures remain in check. Our approach includes fine-tuning inventory levels, streamlining production processes, and enhancing supply chain efficiency. By aligning production with demand, we help you maintain high service levels, reduce costs, and improve overall operational performance.
Identifying early stages of decline and obsolescence is crucial to a company’s profitability. By applying a segmented approach to old, slow-moving, and obsolete stock, we align actions with relevant stakeholders to significantly improve performance across the business. Our strategies help optimise inventory management, reduce carrying costs, and enhance financial health. This proactive approach ensures operational efficiency, better resource allocation, and sustained profitability, from finance to operations.
Product Lifecycle Management (PLM) reduces time-to-market for new products by streamlining the development process through enhanced collaboration and data sharing. PLM centralises all product-related information, allowing teams to work concurrently rather than sequentially, which speeds up decision-making. It also automates workflows and ensures that regulatory and quality standards are met efficiently. By providing real-time visibility into the product development stages and identifying potential bottlenecks early, PLM helps in minimising delays, ensuring faster and more efficient product launches.
Yes, PLM can be customised to fit your specific industry needs. Customisation involves tailoring PLM tools and processes to address your industry-specific challenges, regulatory requirements, and workflow nuances. This ensures the system supports unique product development cycles, compliance standards, and market demands.
By configuring PLM to align with your industry’s best practices and integrating it with existing systems, such as ERP and CRM, you can enhance collaboration, streamline operations, and improve product quality. Customisation maximises the efficiency and effectiveness of PLM, driving better results for your business.
The typical timeline for implementing a product lifecycle management (PLM) system can range from several months to over a year, depending on the complexity and scope of the project.
Initial stages involve needs assessment and selecting the right PLM solution, which can take a few weeks to months. The implementation phase, including configuration, customisation, and integration with existing systems, usually spans several months. Comprehensive testing and user training follow, ensuring the system functions correctly and employees are proficient in its use. Continuous monitoring and optimisation may extend the timeline to ensure long-term success.
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