Whether you are launching your first brand or have been in the industry for decades, using a product lifecycle management (PLM) software is no longer optional for your supply chain. In order to keep up with the competition in the heavily saturated fashion industry, PLM software is necessary for every brand. Below are 5 benefits (of dozens!) that PLM software, like our Suuchi Grid, can offer your brand.
Decreases your speed-to-market time.
Fast fashion has drastically cut down how long consumers are willing to wait for new styles to launch. If you are unable to track your supply chain, there will be no way that you will accurately be able to plan your product launch. By using PLM software, you are able to see where your products are in production and prepare campaigns with more precise timelines.
Manage multiple supply chains in one place.
As your brand continues to grow, it is only natural that you are going to have to work with multiple partners. As your supply chain expands, you are going to need to be able to keep track of all of your products and supply chains. By connecting all of your partners on one PLM software, it will eliminate missed communication and hours spent searching for communication across dozens, if not hundreds, of people, emails, and files.
Own and store your intellectual property.
Many foreign manufacturers will not allow brands and companies that work with them to own the intellectual properties of their products. Using a PLM software helps with this issue. Not only will it allow you to keep track of all the materials of your project, but store those documents in one secure location. You will always have possession of those documents and be able to share them easily with your brand’s partners.
Harvest invaluable data.
PLM softwares are able to keep track of all of the details across every single style you put into production and beyond. That means it is able to provide brand owners details on average speed-to-market times across styles, which styles sold best, and what trends consumers lean towards. All of this allows for brand decision makers to be more strategic for future launches.
Technology is now essential to product development.
Technology completely bolsters the way anything is done— business or otherwise. If your company lacks a technology-enable product development process & supply chain, you put your brand at risk for being swept aside by more efficient competitors in the market. You want to integrate tech into your processes in order to create a reactive brand with a nimble supply chain. Using technology will also allow your brand to better understand and quantify demand, thus allowing you to supply your customers with the products they actually want.