Few industries are in such a constant state of evolution as the fashion industry, so it makes sense that the systems you employ need to be dynamic and powerful. Able to keep up with the changing world around you, while still granting total control of your product lifecycle.
A robust product lifecycle management solution is essential for any business that deals with the design, manufacturing, and distribution of products. Still, companies in the fashion industry fit that bill particularly well. Of course, it helps to understand why PLM systems are so beneficial, so read on for five of the top benefits fashion PLM software brings.
1 | Lower Costs
Let’s start with the big one. Most businesses would agree that if you can lower costs without lowering your product or service quality, it’s a win-win.
PLM acts as a single source of authority that manages every stage of a product’s lifecycle. The designers will be able to see change requests instantly, the manufacturers can inform everyone in the supply chain of any potential delays, and so on. This unified process reduces avoidable expenses. Since everyone is working from the same page, everyone can make fully informed decisions in their part of the supply chain.
2 | Increased Productivity
It’s easy to underestimate the time spent on duplicating data between different systems. You are putting time into the duplication itself, but you also have to check for inconsistencies across the various networks.
With a PLM, there is one set of data that every aspect of your business has access to, from designers to distribution managers. This single source of data dramatically reduces the time spent on maintaining the integrity of your production line analytics. It also leaves you to focus on more productive aspects of your business.
3 | Faster Time to Market
The reduced friction created by a unifying product lifecycle management system means there are considerably fewer barriers in the way of getting your products to market.
Such a boost is especially useful in fashion, where trends are not always easy to predict. Being able to quickly design, manufacture, and ship new product allows a fashion company to keep up with the fickle nature of their business.
4 | Better Products
Being able to track and analyze all the small details that go into your final product has many advantages, not least is the ability to determine the need for—and implement—better processes in your manufacturing. This aspect of product lifecycle management shines particularly bright in companies that have partners globally, as it allows for better quality control across the board.
5 | Revenue Growth
Technically we’ve already covered this point, though it may not have been obvious. There are two central aspects of revenue growth: lowering your costs and increasing your sales. Reducing costs is a direct benefit of fashion PLM software. Increasing sales is an indirect result of producing higher quality products at a faster rate for less expense.
Combine these two aspects, and you have a much faster revenue growth than would be possible without PLM software.