Congratulations on finally implemented a Project Lifecycle Management (PLM) system for your business! That is certainly a wise and logical move. PLM is a must-have for any company operating in the retail sector. The modern retail ecosystem is becoming increasingly competitive, immensely dynamic, creative, and trends are continually evolving. You need to quickly react to changes in the market and make sure your products hit stores at the right time, which requires faster product development cycles and streamlined supply chain and logistics.
PLM is, therefore, the only logical solution. It can even help you hold off on inefficient restructuring or throwing money at added employees with the efficiency boosts it can bring.
What Is PLM Software?
PLM software is the tool that manages and streamlines the entire lifecycle of a product, right from design to retail (design, development, merchandising, sourcing, QA/QC, among others).
There’s another pivotal benefit of PLM software for a company in an industry like apparel. It seamlessly gets all the stakeholders involved in product development on the same page regarding the product’s vision and strategic goals. It is an all-encompassing tool with which brands can handle crucial aspects of their business—from boosting revenue to retaining customers.
What’s Next For Me?
The right PLM solution will supply your entire team with the one actionable version of the truth, right from the get-go. It brings together all the stakeholders involved in the product development process—even the sales and marketing teams—regarding the product’s design, performance, and goals. Once you are well-versed with all the features of your new PLM software, you will see an overall massive improvement in your business. Your operational costs will come down, processes will grow more efficient, wastage and errors will be minimized, and it will be easier to keep up with regulations and safety compliances.
Setting up your PLM solution correctly will also allow you to launch more SKUs, boost innovation, bring down the cost of goods sold (COGS), improve product margins, and, most importantly, foster customer loyalty towards your brand. In case you wish to learn more about retail PLM systems, click here.
Measuring the Success of Your New PLM System
Quantifying the success of your new PLM system can be slightly tricky. A capable PLM software percolates into and impacts almost every aspect of your business. Thus, it might not be easy to evaluate the financial impact your PLM initiative will have on your business right away. But, qualitatively speaking, you can create a checklist of all ways in which the PLM software has improved your business.
You can also look at the increase in revenue brought about by improved time-to-market, streamlined flow of data, and increases sales and up-selling. This increased revenue can be added to the reduced cost incurred due to reduced material and production cost, minimized wastage, and errors, improved product data quality, and lower compliance risks, to come up with a tentative quantitative success metric for your new PLM system.
Keep Sharpening Your Swiss Army Knife
A good PLM software implementation is like the Swiss Army knife for digital manufacturing. The global retail and apparel industry is undergoing a significant shift—from traditional to digital manufacturing, wherein automation reigns supreme. To automate the different processes of digital manufacturing—ideation, design, planning, and execution—an efficient PLM software is required.
Its all-round, multi-faceted approach to product lifecycle management impacts every aspect of your business.
The volatile and ever-changing retail sector keeps even the major players on their toes. In such an environment, an efficient PLM solution will prove to be a powerful ally for your brand. Now that you have installed a PLM software, good for you! But make sure you don’t get complacent. Complacency is the death of innovation. You have to keep your PLM infrastructure updated in order to evolve and protect your business. Investing in your PLM infrastructure and learning how to best use it is an indispensable investment that reaps high returns.