Organizations have adopted SCM software to have end-to-end visibility into supply chain operations and manage every part of the chain. One such is PLM software that manages data and processes at every phase of a product life cycle across globalized supply chains.
With the advancement of technology, new trends emerge in product lifecycle management that allows businesses to survive the competition.
In this article, we will look into the latest trends in PLM that you must know to stay ahead of your competitors.
Trends and emerging technologies in PLM
PLM simplifies, organizes, and integrates data, offering an in-depth view of a manufactured product and its acceptance in the market and maximizing efficiency and profitability.
The product life cycle management market is now influenced by emerging technologies, including IoT, blockchain, big data, and the adoption of manufacturing software and automation.
Here are a few latest PLM trends in the market that companies must be aware of,
Blockchain is a single repository of knowledge that enables multiple people to access and study information simultaneously. You can imagine blockchain as a real-time digital filing cabinet.
Blockchain in PLM solution ensures when the data leaves one solution and goes to another, it remains accurate. It has the potential to simplify integrations and migrations and improve end-to-end collaboration between systems in the PLM models.
2. Cloud deployment
Cloud-based PLM solutions offer numerous benefits during product lifecycle management, from improving collaboration and scalability to maintaining flexibility. You can access and collaborate product data from anywhere with cloud-based solutions anytime using any device.
It also eliminates the need for expensive infrastructure and hardware. Thus reducing your costs while improving the overall efficiency of your product development process.
3. Artificial intelligence and machine learning
Artificial intelligence and machine learning are not only used in supply chain software but are also transforming the PLM landscape. It automates your manual activities, improves data analysis, and offers valuable insights that were otherwise impossible.
These technologies help manufacturers understand product data patterns and make sound decisions. They also have the potential to identify areas of improvement in the PLM process and recommend optimizations for improving product development efficiency.
4. Digital twin technology
Another emerging product life cycle management trend is digital twin technology, that allows businesses to create a virtual replica of their physical products. It helps them to test and optimize those products in the virtual environment and ensure that they are ready to launch in the market.
This technology helps you reduce product development costs and time to market by allowing brands to stimulate their product performance and make necessary changes in the virtual environment before actual production.
5. IoT integration
Supply chain management software uses IoT to get real-time data and insights into the entire supply chain, IoT integration in the product development phase acts the same. The manufacturer can now receive real-time data and insights to improve their product performance and user experience.
IoT devices have the potential to provide important data that can be used to optimize your product design and development. It also helps businesses monitor their product performance in real-time and look for areas that require improvement.
6. Data analytics and visualization
Data analytics and visualization tools in the PLM industry are important as they provide real-time insights into product performance, market trends, and changing consumer behaviour. These tools allow organizations to make sound decisions and identify areas requiring necessary product development changes.
7. Augmented and Virtual Reality (AR & VR)
AR technology overlays digital information in the real world and provides employees with real-time guidance. It solves common warehouse challenges like inconsistent inventory levels and misplaced products. The technology can display information about the product locations directly onto workers’ vision and increase efficiency in the overall process.
VR technology allows manufacturers to explore and test various product development scenarios without its physical implementation. Additionally, such VR-based simulations allow employees to practice and develop their skills in a safer environment.
8. Robotics and automation
Robots can now work alongside humans to perform repetitive and mundane tasks and provide necessary assistance during labor shortages. Robotics technology has the potential to handle complex tasks with greater precision, especially dealing with sorting, packing, and picking in the product development cycle. It reduces errors that can result in loss of time and resources.
As we navigate through 2023, PLM is undergoing a significant technological transformation driven by emerging trends. They address the complex PLM challenges and make the overall process more efficient, allowing businesses to remain competitive and meet evolving customer demands.