What are the criteria for selecting a consumer goods PLM solution? | HCLTech

Technology Q&A

Product Lifecycle Management
What are the criteria for selecting a consumer goods PLM solution?

Consumer goods leaders are combining best practices in PLM strategies and PLM technology to grow and prosper in today’s challenging business environment. Choosing a PLM solution that is tailored to the business needs can help accelerate time to market, enhance product innovation, reduce costs and increase margins, simplify and create more transparent supply chains, and foster collaboration among teams and global business partners. Following are the key criteria for selecting a suitable PLM solution:

  • Product innovation through crowdsourcing and social network data mining
  • Visual decision-making by expanding visualization capabilities beyond engineering
  • A connected supply chain for better visualized product demand, increased process transparency, and improve inventory accuracies
  • Managing product complexity by providing easy access to a sole source of always up-to-date information simplifies oversight and management
  • Value chain expansion by opening collaboration platforms to work together to make better products and meet customer needs
  • Product and customer analytics for more timely and relevant product design, development, and assortment decisions
  • Technology integration into PLM to automate and simplify operations as well as increase efficiency