The software market for PLM is poised for growth over the next several years. We are seeing larger manufacturers expanding their usage of PLM and more Mid-Market manufacturers are moving from Product Data Management (PDM) into Product Lifecycle Management (PLM). Other factors include the adoption of Internet of Things (IoT) solutions, Blockchain, AI, and the increased focus on the importance of Change Management and Supply Change Management. According to Fortune Business Insights, the Product Life Cycle Management (PLM) Market size stood at USD 16.76 Billion in 2018 and is expected to reach USD 26.73 Billion by 2026, exhibiting a CAGR of 6.3% during 2019-2026.
Read More at: FortuneBusinessInsightsonPLM
In a nutshell, it’s all about DATA! The right data, to the right people, at the right time. With multiple processes involved, PTC’s Windchill PLM software provides access to data for stakeholders specifically in relation to their roles allowing them to measure progress throughout each stage of development. This increases speed to market, reduction of costs and improvement of quality in product development and manufacturing by ensuring a seamless and secure collaboration between the teams involved and providing data visibility/access and connectivity across the enterprise.
So, how is PTC Windchill transforming the future of PLM?
What is Product Lifecycle Management (PLM)
First, let’s define what PLM is. Gartner defines Product Lifecycle Management as a philosophy, process and discipline supported by software for managing products through the stages of their life cycles, from concept through retirement. As a discipline, it has grown from a mechanical design and engineering focus to being applied to many different vertical-industry product development challenges. – GartneronPLM
PLM is not just managing data and information, its also managing processes and relationships in a secure environment. Knowing which data to share between business units as it’s collected will help guide product development and reduce inefficiencies across the product’s lifecycle. At the concept and design stage, experts and non-experts should be able to access data and correctly interpret it. The ability to catch problems/flaws early in the design stage compounds your speed to market and cost savings.
PLM manages your processes supporting quality assurance, regulatory, compliance, and audit teams to ensure products adhere to or surpass industry standards and meet customers’ needs.
When searching for a PLM solution, it’s important to find one that aligns with industry trends but also effectively and sustainably helps your business streamline development across each product’s lifecycle.
PTC Windchill as a Solution for Futuristic PLM
Each product lifecycle is unique, and processes vary based on industry, regulations or corporate culture. The efficiency of one’s product development process relies heavily on effective team collaboration to reduce production bottlenecks. It all starts with managing data and processes at each stage of product development. Windchill is one of the few PLM solutions that can manage IoT data, support Augmented Reality software for manufacturing purposes and greatly improve Supply Chain Management and adapt as global markets change.
PTC Windchill’s solutions offer various PLM benefits:
Higher-Quality, Connected Products
Solutions like PTC Windchill Visualization and Division Mockup help product design and development groups collaborate throughout the product’s lifecycle. Creating various mockups and visualizations improves the speed at which teams can improve existing designs and develop newer, enhanced ones that match industry trends.
More importantly, designing products for the future means businesses must be able to use data to guide high-impact decisions that will work for customers and meet their needs years after a product is released to market. With more Internet of Things (IoT) products on the market today, manufacturing products that can adapt to futuristic trends is beneficial for companies looking to stay relevant in their respective industries.
Supplier Management
Depending on the number of suppliers a manufacturer works with, deploying PLM solutions like PTC Windchill Supplier Management provides in-depth visibility of the supply chain, minimizing the risk of delays when procuring critical components or parts.
It’s also challenging to keep track of these timelines when ordering parts from different suppliers, especially when shipping and other logistical delays can impact the availability of these critical components. PTC Windchill Supplier Management equips companies with the necessary information and tools to keep track of these parts throughout the product development lifecycle.
Benefits Summary
The capabilities of Windchill and its purpose is to connect business units as they develop products through the stages of their life cycles, from concept to retirement. In an evolving digital era (especially within the context of Industry 4.0) companies must be agile enough to optimize their product development processes quickly and efficiently. The main challenge of PLM is connecting the “silos of data” that each business unit creates/manages and make that data available to the right people at the time they need it. Windchill is able to do this in a nimble manner more efficiently than any other PLM solution. This gives companies the ability to create and test new ideas to stay ahead of their competition.
Enhance Your PLM with 3 HTi
As more companies adapt to Industry 4.0 trends and manufacture futuristic products, finding the best PLM tools to streamline product development is a plus. With PTC Windchill’s suite of PLM solutions, manufacturers, regardless of industry, can realize significant value while developing products for their customers.
Your company can further optimize its existing PLM applications with the help of an industry expert like 3 HTi. Leaders in your respective industry have already increased their time-to-market, reduced their production costs, and streamlined their communication across internal and external business units. This is why they are leading and increasing revenues.
Contact us to improve the communication of data across your enterprise and with your suppliers so you can increase your market share before your competition does.
