Product Lifecycle Management (PLM) may be a product category, but at its core, it is a process not a product. PLM is a strategic methodology that oversees every phase of a product's lifecycle—from inception and design through manufacturing, service, and eventual disposal. This approach unifies people, data, processes, and business systems, creating a robust infrastructure that enables companies to optimize their workflows efficiently.
A lot has likely changed since you first implemented your PLM solution. New regulations, growing consumer pressure, more measurable sustainability goals - to name a few. Now is the time to re-evaluate if your methodology has kept pace with change.
Here are six questions to help you evaluate if it’s time to modernize your approach to product lifecycle management.
1. Is your PLM strategy too product centric?
As a technology provider, we know that products do make a big difference in the effectiveness of your PLM methodology. However, it’s only when technology is paired with the right data that fully optimized systems emerge. If you’re finding bottlenecks in your system, or accepting the status quo because the current tools limit what you can achieve, don’t settle. It’s a great time to explore what complimentary tools can unlock.
2. Are you struggling to integrate supplier data?
It’s not enough to understand the data your own manufacturing operation produces. To fully optimize your operation and supply chain, you need deep supplier insights. Sharing spreadsheets, manually making updates and time delayed data feeds are some of the common challenges manufacturers face. But it doesn’t have to be that way. Modern systems, when thoughtfully paired with the right data feeds and processes, can create automated systems that don’t limit what you can collect and analyze.
3. Has your EPR audit introduced new questions?
Often data analysis answers one question, only to raise new questions. With growing regulatory requirements around sustainability, like Extended Producer Responsibility for example, data gaps could result in financial impact on your business. Many companies are struggling with where to even start. The answer is the spec-level of data. If you’re struggling to find the data you need to answer the deeper dive questions, it’s time to evaluate your master data strategy. You deserve the insights granular level specification data provides – and you deserve to access it with ease, in real-time and on an ongoing basis. Reporting requirements may not be in effect yet, but they are coming. Make sure your business is proactive and prepared.
4. Is your CFO feeling unprepared for expected SEC climate regulations?
If you aren’t already reeling from the pressure around sustainability regulations, you are about to be. The U.S. Securities and Exchange Commission is expected to pass climate disclosure requirements imminently. By the time you read this they may already be in place. Even without them many places in Europe already follow strict disclosure laws which impacts anyone with a global business. It’s no longer sufficient to just report on the current state of your efforts, but in fact there are growing mandates to show results from the actions you are taking to reduce the impact on the environment. Combined with Extended Producer Responsibilities requirements rising across states, the pressure on your CFO is real. You need deeper insights or risk being charged penalties, and losing consumer confidence in your products. Read our latest eBook to learn more about the struggles that come with sustainability reporting for CFOs.
5. Are your waste reduction mandates on the rise?
In the manufacturing industry, waste management is a critical component to ensure environmental sustainability and regulatory compliance. Effective waste management requires careful monitoring and control of various types of waste, including hazardous materials, recyclables, and general waste. Essential data points necessary for efficient waste management include the volume and type of waste generated, disposal methods, cost of waste handling, and compliance with local, national, and international regulations. Additionally, tracking the efficiency of waste reduction initiatives, waste-to-energy conversion rates, and the carbon footprint associated with waste disposal is essential. These data points help manufacturers optimize their waste management processes, reduce costs, and minimize their environmental impact, contributing to a more sustainable production lifecycle.
6. Is your reporting incomplete and taking too many manual steps to complete?
Reporting is a necessary and important part of your approach to product lifecycle management. Reports allow the team to make operational decisions day to day as opportunities and challenges arise. However, if you find yourself spending hours refining reports, dread getting a request for new information because you know it’s going to require new system integration or manual processes or if you lack confidence in the integrity of the information you report, it’s time to re-evaluate your reporting systems. With today’s intelligent systems and access to granular-level data from within your organization, and from suppliers, reporting should be easy and largely automated.
If you recognize any of these challenges, let’s talk. We’d love to show you a more modern, future-safe way to approach PLM using granular-level specification data.
