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Understanding the Key Aspects of Product Lifecycle Management

Filed Under : PLM by Admin
Sep.18,2011

Understanding the Key Aspects of Product Lifecycle Management

In the industrial scenario, product lifecycle management is the method of managing the total lifespan of a particular product. It starts from the conception stage, then leads on to designing and manufacturing, to advisory services and finally the disposal stage. PLM combines data, people, business systems; IT processes and offers all essential product information that is essential to the enterprise.

Product lifecycle management is included as one of the four keystones of any organization’s IT structure. It is imperative for all enterprises to manage information and communication with customers (CRM), suppliers (SCM), resources in the enterprise (ERP) and their planning (SDLC). In addition to this, engineering enterprises and other organizations also need to develop, manage, communicate and describe inputs related to products. Another form of PLM is called people-centric PLM. Whilst the conventional PLM tools are installed only during or on the release stage, the people-centric PLM is targeted at the design stage.

Benefits of product lifecycle management tools by various service providers are as follows:-

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There is minimized time to market

Refined product quality

Waste Reduction

Minimized prototyping costs

There is a separate structure dedicated to product optimization

Potential sales scopes and revenue contributions can be quickly and easily recognized

The quote generation request is more timely and accurate

Original data results in savings

There is savings that results from a comprehensive assimilation of engineering workflow

The contract manufactures have access to the centralized product data

The various areas that are included in PLM are listed below-

Product Data Management (PDM)

Product and Portfolio Management (PPM)

Systems Engineering (SE)

Manufacturing Process Management (MPM)

Product Design (CAx)

Companies dealing in this service are coming up with various solutions that can be of great use to the enterprises and organizations. To mention one is the agile product life cycle management that is aimed at the global resource and development. This combines state-of-the-art PLM tools and unique methodology that acts as a catalyst in overcoming ordeals of working over a well-distributed environment in order to come up with high-end products. The PLM solution tools also reduce the development charges by 30 percent.

The very nucleus of Product Lifecycle Management lies in central management of the product data and the technology that is used to avail this information. A discipline sourced from innovative tools like PDM, CAM and CAD. It is more than just a software technology and is looked upon as a business strategy.


 

www.ibm.com Tom Hawk of IBM discusses the need for software to be developed with hardware integration in mind. From development to upgrade, changes and disposal, hardware accommodation is a factor to consider during software life cycle management [Tom Hawk, IBM] Hi, my name is Tom Hawk. Im IBMs general manager for the industrial sector and that, in essence, means that Im responsible for IBMs business in the automotive, the aerospace, the electronics, chemicals and petroleum and industrial products businesses. As I speak with customers, one of the biggest trends Im seeing is a shift from mechanical and electrical development to embedded software and technology development. This specific shift creates many challenges for our customers, as it has created for IBM over the years. The underlying hardware technologies are commoditizing, putting more emphasis, focus and demand on the development of crisp and integrated software functionality to complement the commoditizing hardware base. In addition, this shift requires customers to manage risk differently, think about the integration of the end product more efficiently and effectively through the entire project and product life cycle management process, and also collapse time to market as competitive forces are brought to bear. This life cycle that I referred to really encompasses the entire design, development, deployment and disposal process, all the way from the innovation on the front end associated with the product, both …
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Understanding Product Life Cycle Management

Filed Under : PLM by Admin
Jun.19,2010

Understanding Product Life Cycle Management

Product life cycle management speaks about the existence span of a product, or to define it better, the stages a particular product undergoes from the time it is produced until it becomes useless any more. So, in short it speaks of a product from creation through its stages of wear and tear, and finally when it is useless.

The life cycle of any product, be it an e-book, software product or an information product has the following stages in its life, as a product in the market. Primarily, when the product is designed to be launched; it swallows a lump sum from the manufacturer, for various stages through sampling, test stage, and approval. During this stage the product does not bring in any kinetic revenue to the manufacturer.

The next stage is when the product is introduced in to the market. During this stage, the manufacturer fixes a certain price for the product. The price will be such that it will help the buyer to meet all expenditure he faced to make the product billed as its price. The price also includes the marketing expenditure and profits too! Well, so that is the story behind why a newly launched product is highly expensive and can be accessed by the people with good wallet belly! During this stage, the product does not sell to the seller’s expectation and floods in the market. So, a need arises to create a demand for this product and the price has to be reduced to make it readily gettable by everyone.

The third stage of the product can be termed as the TEENAGE stage of any product where in the product is sold cost effectively. And all and sundry can get it and it becomes a common scene in the world around. This is the stage when the seller crops his investment and a Lion’s Share Too! A growth in business!

During the fourth stage the product needs no advertising and the seller reduces the advertising cost on the product bringing the cost to bare minimum. The cost is also reduced in this stage to effectively compete against other competitors who should have flooded in the market again. So, this stage of the product’s life cycle also gather’s revenue.

Well then comes the last stage in the life of any product where in the product becomes either usable as a generous grey haired human or unusable like a weak old man. At this stage, there are equal and opposite possibilities of profit or loss, win or loose. If the product is really usable it still sells. If it is outdated, it does not sell. So the manufacturer has to decide on going ahead with production in accordance with consumer demand. So, in this stage the production of the product is either slowed, stabilized, or stopped based on market requirements. Excess non marketable products get their way as free additions to other products that are new in the market.

This marks the end of the story of the life-cycle of any product. Well, the life cycle of every product need not be the same since it varies from product to product. The details outlined about are just a generalization of the process. The life cycle of any product can be expanded by innovative marketing and sales strategies. Effective thoughts to promote the product, client spotted advertisement, good perception of where the product is needed, and making the product available readily to the customers in the right location is an important task that adds to the nutrient balance of the product.

Reforming and introduction of new variations from the old models is also another way to expand the life span of any product. Once and after the product is sold, it gets advertised further by its users, the availability of after sales service and spare part availability for the product enhances the life cycle of the product even more.

The financial spine of any business is something that puts a stop to instant invisibility of the product in the market. What we mean to say is sudden demise of the product will occur when all is fair and the Accounts Department has loop holes for thieves within the organization. So any products life should be backed by a loyal and responsible accounts team.

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