Cloud-Based Product Lifecycle Management (PLM) Market - Expected to Find More Use in Bill of Materials (BOM) and Supply Chain Management in Coming Years
February 21, 2018 at 02:49 AM EST
Albany, NY -- (SBWIRE) -- 02/21/2018 -- Product life cycle management (PLM) is a process or system used to manage the data and design process associated with the life of a product from its conception and envisioning through its manufacture, to its retirement and disposal. PLM helps to manage the entire lifecycle of a product efficiently and cost-effectively. Today, manufacturers increasingly need to share product data with stakeholders both inside and outside the organization (including engineering, operations, quality, procurement and marketing). Manufacturers need to collaborate, track and regulate changes to the product with their corresponding team. Traditional or on-premise PLM solutions often turn ineffective cost-wise, especially, for the small and medium size businesses. Small and medium size enterprises (SMEs) have been averse to spending high on PLM solutions till recently. Cloud- based PLM solution is growing in popularity with manufacturers around the world which allows them to consolidate information about product development, streamline change orders and requests and improve communication with suppliers. It is an easier way to manage complex product data in fast-moving and geographically dispersed organizations with anyone accessible with an internet connection. Further, cloud-based PLM is more cost-effective as compared to traditional on-premise PLM and is cited to offer improved return on investment (ROI).