Product Lifecycle Management
Product Lifecycle Management (PLM) is the process of managing the entire lifecycle of a product from its inception, through engineering design and manufacturing, to service and disposal. PLM integrates people, processes, business systems, and information to support product development, collaboration, and decision-making across the entire value chain.
How Indic does PLM?
- Product Planning and Development: - Define product requirements based on market needs and customer feedback.- Collaborate with cross-functional teams fornew product development.
- Product Data Management (PDM): - Establish a centralized repository for managing product-related data.- Ensure data integrity and version control for effective collaboration.
- Change Management: - Implement processes for managing changes to product designs and specifications.- Define change control workflows to minimize disruption.
- Supplier Collaboration and Management: - Collaborate with suppliers to source components aligned with quality, cost, and delivery requirements.- Establish communication channels and metrics for continuous improvement.
- Manufacturing Process Management: - Define and optimize manufacturing processes to ensure efficient production.- Integrate manufacturing data for real-time visibility and analysis.
- Quality Management: - Implement processes to monitor and improve product quality.- Define quality standards and corrective action processes.
- Lifecycle Analytics and Performance Management: - Collect and analyze data on product performance and customer feedback.- Use analytics tools to visualize KPIs and identify areas for optimization.
- Service and Support: - Support products through their service life with maintenance and repair services.- Capture data on product usage and failures to inform service strategies.
- End-of-Life Management: - Plan for the end-of-life phase, including retirement, disposal, and recycling.- Develop strategies for managing obsolete inventory and minimizing environmental impact.
At Indic EMS Electronics, our dedication to PLM extends across every phase of a product's journey — from conceptualization to obsolescence. Our PLM strategy starts at the design phase, where we employ advanced technologies to create digital twins and simulations. This ensures that products are optimized for performance, manufacturability, and reliability right from the outset.
Our Capabilities
- Product Data Management
- Collaboration and Communication
- Change Management
- Product Visualization
- Requirements Management
- Supplier Collaboration
- End-of-Life Management
The product life cycle of an electronic product involves initial research and development, followed by introduction to the market, rapid growth influenced by technology advancements, maturity as market saturation approaches, and eventually, decline as newer technologies emerge.
The product life cycle refers to the stages a product goes through from conception to discontinuation. Its management, or PLM, involves overseeing all aspects of a product's development and market presence, optimizing performance, and maximizing profitability at each stage.
The benefits of PLM include improved product quality, faster time to market, enhanced collaboration, cost reductions in design and manufacturing, efficient regulatory compliance, and better management of product data throughout its life cycle.
PLM is important because it helps companies manage complex product information, streamline operations, reduce costs, and improve product quality. It facilitates collaboration across departments, accelerates time to market, and ensures compliance with industry standards.
An example of PLM is the development and management of a smartphone. From initial design concepts, through engineering and manufacturing, to market launch, updates, and eventual discontinuation, PLM software helps manage the process, ensuring efficiency, collaboration, and compliance throughout the product's life.
The 5 stages of the product life cycle are: Development: Conceptualizing and designing the product. Introduction: Launching the product into the market. Growth: Expanding market share as the product gains acceptance. Maturity: Achieving peak market penetration. Decline: Experiencing reduced sales and potentially phasing out the product.
Product Life Cycle Management (PLM) is a strategic approach to managing a product's development, growth, maturity, and decline phases from conception through design, manufacture, service, and disposal.
