Product lifecycle management is the process of managing the entire lifecycle of a product. This involves managing all data relating to the design, production, support, sale and bringing the product to market. Successfully managing this process is rarely a smooth ride. As consumers, we don’t get to have a “behind the scenes” look at the many projects and processes involved in successfully getting a product to market.
In today’s modern global economy, competition between companies is increasing. According to Technology Challenges for Product Lifecycle Management, an abstract by the Singapore Institute of Manufacturing Technology, “in response to increasing customer demand and dynamic competition, companies are under high pressure to shorten time-to-market by providing tailored products to customer for the economy of scope, to reduce time-to-volume via mass production for the economy of scale, and to decrease time-to-profit by increasing the efficiency of the entire lifecycle for the economy of service. To overcome these challenges, many companies depend on product lifecycle management technology solutions to help guide them through the process.”
Product lifecycle management technology
Product lifecycle management technology is nothing new. The main advantage of using this type of system, is that it can be used as a database for all information, as well a tool that enables collaboration between all stakeholders; this is where the marketing, engineering, design and manufacturing can come together, support each other, and facilitate collaborative creation.
Given the time-to-market, time-to-volume and time-to-profit challenges that companies have to meet, technology needs are no longer the same as they used to be. Nowadays, business requirements drive solution needs. According to the above mentioned abstract, these business requirements drive technology needs for the following reasons:
1. To speed up product development,
2. To enhance manufacturing and supply capability and capacity
3. To improve revenue from lifecycle efficiency.
Product lifecycle management solution is the key technology used to reach these goals throughout the entire lifecycle.
OneDesk: Requirement-driven product lifecycle management solution
Last week, we explored the concept of the customer-centric development process and how product lifecycle management technology facilitates co-creation and allows customers to design their own experience. Modern product lifecycle management technology aims to do just that – incorporate the customer into the design and development process.
With OneDesk, businesses can let customers build their own experience by allowing them to be part of the development process. When customers submit feedback, it doesn`t stop there. OneDesk allows for a collaborative product development process by letting company executives engage in conversations with customers and business partners. This way, all stakeholders can be on the same page as to what customers are looking for.
That being said, we are curious to know what your company does to ensure that your product meets customer requirements. Do you use a product lifecycle management system? If so, does it work for you?
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