Product lifecycle management (PLM) software gives businesses a way to handle the complex lifecycles of their products, from introduction to discontinuation. This software allows businesses to develop new products, collaborate with suppliers, manage inventory, and plan for the discontinuation of products at the end of their life cycles.

PLM software isn’t just for large companies anymore. Small and medium-sized business that create products or offer services can now benefit from this type of platform. Here are some ways PLM software can help your company.

Store Product-Related Information in One Place

Do you ever lose track of your product lifecycle information? Businesses that use homegrown systems like spreadsheets, paper documents, or computer files can have difficulty keeping track of all the data. When data is stored in many different places, it’s hard to find the information you need, and this inefficiency slows down your company’s product development processes.

The right software can give you the support you need. They store all your information in one convenient location. When you need to track product-related data, you’ll immediately know where to look.  Different aspects of product development can be viewed within the same system, so you get a bird’s eye view of what’s happening in your company. This visibility helps you make informed decisions to grow your business.

Improve Communication between Your Teams

Employees in multiple teams need to access your company’s product-related information to do their jobs. With traditional processes, employees may need to ask people in other departments to send them information, or they may need to go searching for it on their own. This is very inefficient, and it may result in mistakes or other avoidable problems.

With PLM software, your company’s various teams will be able to communicate easily with one another. Everyone who has access to the PLM system will be able to access up-to-date, accurate information about your products. They’ll be able to quickly get the information on their own, which increases productivity and efficiency.

Fewer Errors in Product Development

Errors can be very costly for businesses. If your teams don’t have access to the most up-to-date information about products that are in development, they could make mistakes. This is a common problem for companies with traditional processes, and you need to avoid it at all costs. Something as simple as accidentally working from an outdated copy of a spreadsheet can cause major errors, and work may need to be redone. These errors candevastate your finances and ruin your small business.

For example, if your procurement team is working from outdated documents, it may order large quantities of items you no longer need. If your manufacturing employees have outdated information, they could build the wrong products. If your marketing team designs its marketing materials based on an outdated product design, the ads could be useless. In all these cases, work needs to be redone, and time and money are wasted.

PLM software leads to fewer errors in product development because everyone has access to up-to-date information about your products.

Gain an Advantage in the Marketplace

Today’s business environment is very competitive. Many companies rush to create the best products and services before anyone else can so they can get them on the market as soon as possible. To stay competitive, your company needs to work efficiently and get products to the market as soon as possible.

Since PLM software improves your workflows and makes it easier for teams to collaborate, you’ll be able to bring products to market more efficiently. While your competitors suffer frompoor communication or product development errors, your company efficiently managing its products.