PLM is not just a technology but a management system that stores and integrates data, processes, business systems, and people of the company involved in the design, development, launch, and maintenance of a product. It provides core aspects to streamline each stage of a project lifecycle right from initiation to termination while enhancing interaction between internal and external individuals. PLM plays a very important part when it comes to product management.
As a result of a good PLM implementation, time-to-market can be shortened, overall costs can be reduced, and rework is avoided. It may sound like a complex technical term but it has played a major role in accelerating product deliverables exponentially.
According to Accenture’s recent report, about 25% of the revenue is spent on innovation and product development by businesses every year. Out of which 50% of the total investment is spent on those products that either get launched late to the market or do not meet the user’s needs.
Why is PLM Important?
- PLM integrated software can accurately identify the total cost required in the entire product development process and the tentative revenue it will generate.
- By maintaining a common record of all file versions, PLM software eliminates this risk by automatically creating a development file that goes to the development floor. And these can be accessed from anywhere by a relevant team member.
- Technical processes could be deep-in-the-weeds and integrating PLM software might increase the efficiency and productivity of the work.
- It is simple, visible, and the shared version control feature makes it easier to work collaboratively on the same project.
- Eliminates human errors and better error recovery.
- A shared repository improves communication amongst all the teams.
- Â PLM software makes it easy to build, adjust and adapt robust and integrated workflows whenever needed.
- PLMs are very helpful for product managers. They can easily track every process and get control over every phase of production.
[Also read: Importance of Synchronizing Odoo with Ecommerce statistics]
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Let us look at the Overriding Benefits of Odoo PLM for all Businesses
- Odoo ERP development services offer solutions for Product Lifecycle Management.
- Odoo PLM provides easy collaboration with different applications and tools.
- It will allow you to handle and incorporate all aspects of the organization’s production and growth.
- With the help of Odoo, social media platforms like Facebook, Instagram, Twitter, YouTube, etc. can be easily integrated.
- It assures full organizational accountability and helps to make progress in engineering.
Let us talk about Odoo PLM features in detail.
How does Odoo PLM make the Product Lifecycle better for your business?
Meets Compliance and Industry Standards
Each company has to adhere to regulatory standards before launching a new product. Refusal to comply with these regulations might harm the credibility of the brand and adversely affect the industry dynamics of the business.
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Odoo ensures product compliance throughout the process and even after the product is launched and provided to its customers. In the initial design process of a product, Odoo’s proper preparation removes all risk and also assumes success in later stages of the product life cycle, such as during product marketing and go-to-market.
Facilitates Collaborations and Improves Productivity
Odoo PLM considerably accelerates employees’ productivity by helping companies improve their operational efficiency, decrease infrastructure costs, upgrade product quality, and elevate time to market.
Odoo brings all the processes on a single, scalable platform. This integration allows employees to be focused and goal-oriented as Odoo eliminates all repetitive work, manual work, needs to open multiple tools or browse through numerous files to know the latest update of the project.Â
[Also read: Odoo Shipstation Integration- A How-to Guide Retail Giants]
Better Production and Cost Management
Price erosion and variability have increased considerably over time and companies should find solutions to estimate costing properly, which can be easily done by Odoo PLM. Odoo examines all the factors involved in manufacturing, keeping durability and cost-effectiveness in mind. They offer features like real-time dashboards, schedule reports, and a dedicated feedback system.
Odoo helps in saving revenue by methods of reusing, and by preventing customers from buying duplicate parts. Odoo is an AI-based PLM software that analyses all that is needed for a company to keep a track of its progress. They are completely flexible and subjective to the upcoming trends or anomalies.
Accelerated Time to Market
Speed can be a deciding factor for a company being better than the other. Odoo PLM helps in faster production, such that the finished goods reach the market faster than their competitors’ goods (up to 75% faster).
These include many stages in the whole process of manufacturing and selling. From collecting raw materials to gaining feedback from customers, it’s a long way. Odoo helps in faster sharing of information among these stages, where teams can discuss issues readily.
Increases Revenue
Odoo PLM provides us with solutions to increase business revenue. Cost management, quality checks, and faster manufacturing would help accelerate the process. As it is said, “Teamwork makes the dream workâ€.
With Odoo, the individual workload gets distributed among colleagues, resulting in an increase in productivity, which in turn increases sales and revenue. These are customer-friendly and customer-centric software that includes closed feedback systems, which help the various production teams to gain insights and improve their manufacturing process. Learning from one’s mistakes is the key to success in today’s world.
Odoo focuses on overall development instead of individuals with saving and boosting revenue as one of their main objectives.
[Also read: How Odoo CRM Outweighs Others]
Data Sharing
Accurate data sharing is very important for companies to succeed, especially in the rapidly growing technology-based world. Oddo helps in easy sharing and access of data among teams that are remotely located, which saves a lot of revenue, room for error, and time.
Odoo is secured as well as hassle-free. Team members can log in through their credentials from any device and at any location, with features that grant them flexible movement between teams and clients without jumbling any information. Discover your true business potential with the help of Brainvire’s dynamic Odoo Partner.
Centralization
Centralized information and workflows improve collaboration due to which visibility, team efficiency, and revenue generation accelerate the development process. Previously, PLM systems were set up on supposition, which limited access and the extent to which the data is shared. Odoo makes it easier and enables collaboration in real-time.
This allows for unparalleled synchronization between different departments. With a centralized platform, all teams can contribute to product improvements during any phase of the product life cycle. This is also extremely valuable for version control with external parties, who can easily access the latest product design without sending multiple files.
Better Quality of the Product
Odoo enables innovative product creation. The system combines consumer and product data, giving teams, across the entire product lifecycle, direct access to customer feedback. It is easier to track metrics and this data can be used to improvise continuously.
Prioritizing and planning is simple when the data-driven insights, coming straight from all teams. Problems related to the product can be traced quickly, thereby ensuring faster marketing.
Quality processes are inseparable from design processes, aiding teams to be nimble while complying with the regulatory framework.
Oddo PLM has taken product innovation to a completely different tangent. Any business can reshape their concept of product development right from the scratch and expect a quality product at the end. It will inevitably improve the value of a product and allow the smart utilization of resources for better profitability.
Apart from PLM, Odoo also has an effective open source ERP system that facilitates synchronization of all the operations of an enterprise. Useful for all kinds of businesses, depending upon the scale and need, ERP for the jewelry business is something that is getting sold a lot lately. To know more about Odoo ERP check out this blog Why to Choose Odoo ERP for Business.
