Significant Metrics and the Impact of PLM Software

In today's competitive business environment, companies across industries are striving for efficiency, cost reduction, and improved decision-making in their product development processes. This is where Product Lifecycle Management (PLM) software comes in. PLM software has proven to be a game-changer, offering remarkable improvements in key performance metrics.

PLM software is a comprehensive solution that has the capability to track all aspects of a product's lifecycle, from concept to retirement. It streamlines processes, supports collaboration, and ensures consistency by integrating information, people, and business systems across an organisation.

This article delves into the transformative power of PLM software by analysing its impact on a range of essential metrics.

Time-to-manufacturing (up to 50% reduction)

Time-to-manufacturing is the period it takes for a product to move from the design stage to actual production. PLM software drastically shortens this time by providing an integrated and centralised platform for all product-related data, enabling teams to collaborate more effectively and identify potential problems early on. As a result, companies can achieve a 10% to 50% reduction in time-to-manufacturing, allowing for faster product launches and improved responsiveness to market demands.

Engineering change process (up to 70% reduction)

Engineering changes can be time-consuming and costly, but PLM software streamlines the process by automating workflows, notifications, and approvals. This simplification leads to a 10% to 70% reduction in the time and effort needed to manage engineering changes. The result is a more agile organisation that can quickly adapt to changing market requirements.

Design review process (up to 80% reduction)

The design review process is a critical phase in product development, as it ensures that designs meet the required specifications and standards. PLM software provides a platform for real-time collaboration, allowing stakeholders to review and provide feedback on designs simultaneously. This collaborative approach leads to a 50% to 80% reduction in the time spent on design reviews, contributing to faster product development cycles.

Increased productivity (up to 20% increase)

PLM software centralises data, eliminates information silos, and automates routine tasks, thereby increasing productivity by 10% to 20%. Teams can access the information they need in real-time, collaborate more effectively, and spend less time on administrative tasks. This increased productivity translates into faster product development cycles and a more efficient use of resources.

Product development costs (up to 40% reduction)

By streamlining processes, facilitating collaboration, and reducing errors, PLM software can lead to a 25% to 40% reduction in product development costs. This is achieved through the elimination of redundancies, reduced rework, and more efficient resource utilisation. Companies that implement PLM software can realise significant cost savings and improve their bottom lines.

New part numbers (up to 15% reduction)

Inefficient part management can lead to unnecessary new part numbers, which in turn can increase costs and create confusion. PLM software provides better visibility into existing parts and their associated data, allowing companies to reduce new part numbers by 5% to 15%. This reduction simplifies inventory management, reduces procurement costs, and minimises the risk of part obsolescence.

Time to find information (up to 90% reduction)

With PLM software, teams can easily access and search for product-related information in a centralised system. This significantly reduces the time spent searching for information, leading to a 75% to 90% reduction. This time-saving feature allows employees to focus on more value-added tasks, further enhancing productivity and efficiency within the organisation.

Design errors (up to 25% reduction)

Design errors can be costly, leading to delays, rework, and even product recalls. PLM software helps reduce design errors by 10% to 25% through better collaboration, real-time feedback, and automated validation checks. By ensuring that all stakeholders have access to accurate and up-to-date information, PLM software minimises miscommunication and facilitates the identification and resolution of design issues early in the process.

Time-to-design (up to 70% reduction)

Time-to-design refers to the time it takes to complete a product's design phase. PLM software accelerates this process by providing a centralised platform for collaboration, information sharing, and decision-making. This streamlined approach can result in a 15% to 70% reduction in time-to-design, enabling companies to bring their products to market more quickly and maintain a competitive edge.

Travel cost for design (up to 35% reduction)

Travel expenses can quickly add up when multiple design teams are spread across different locations. PLM software addresses this issue by offering a virtual collaboration platform that eliminates the need for physical meetings. This leads to a 20% to 35% reduction in travel costs associated with the design process, further contributing to overall cost savings and increased efficiency.

Conclusion

In summary, Product Lifecycle Management software has revolutionised the product development landscape by delivering improvements in key performance metrics. By streamlining processes, fostering collaboration, and providing a centralised information hub, PLM software enables companies to reduce costs, accelerate time-to-market, and enhance decision-making. Organisations that invest in PLM software gain a competitive advantage in their respective industries, leading to long-term success and growth.

Click here to access the original CIMdata source for the above metrics.

Thank you for reading - please let me know your thoughts in the comments!

George Stevens

Sales Director - Razorleaf

www.razorleaf.com