PLM (product lifecycle management) is a key element in business success. A study has shown that an effective management tool considerably helps business not only to better manage their product portfolio but also to improve their global strategy. Having a single data repository and using it the right way helps top performing companies to improve growth and margins.
Top performing companies can better manage their product lifecycle (from product development to obsolescence). On average, their turnover grows 2.2 times more than standard companies in the same market segment.
This growth is explained through 3 ways. First, due to the implementation of specific product lifecycle management solutions, top performers have a better ability to find the information they need.
Second, when found, the information is more likely to be accurate. Effective PLM provides versioning and tracking abilities to better manage data, documentation and products. The repository consists of a single version of the truth and can be updated in real time by internal and external participants.
Finally, information is easier to distribute with an effective tool.
The infographic below explains the advantages of setting up a single data repository to better manage products ranges.