What are the benefits of product cycle management?

Product cycle management, also known as Product Lifecycle Management (PLM), offers several benefits. It improves product quality and brand reputation by ensuring that products are developed and maintained to high standards. It reduces prototyping costs by streamlining the design and development process. PLM also helps in discovering sales opportunities and revenue contributions by identifying potential markets and customer needs. Furthermore, it enables the application of lean business process management principles, which focus on continuous improvement in every stage of the product lifecycle.

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Communicate the benefits of product cycle management to your team. They may include: improved product quality and brand reputation, reduced prototyping costs, discovery of sales opportunities and revenue contributions and more. Apply lean business process management principles in your product lifecycle management, as works in every stage of the PLM process, putting continuous improvement in the forefront of every stage. When creating and evaluating your PLM roadmap, take into account the following: innovation, order-delivery time, cycle time, product life, waste and reliability, warranty claims, the accuracy of provisioning and customer feedback.

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Product Lifecycle Management

Neglect of product lifecycle management can lead to loss of opportunities and the product’s quick disappearance from the market. Use our Product Lifec...

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