Seven fundamental benefits of a PLM system

What’s the factor in common between design, source, production and distribution of products around the world? A PLM system. Thanks to this tool, companies and producers are able to manage all the information, steps and processes that go from the first elaboration to the product retirement.
Having a PLM system is a source of different kinds of benefit, like:

1. Shorter time to enter in the market: A better coordination allows teams to work faster, by centralizing the control over data and entering in the market rapidly: this is fundamental to stay competitive.
2. Reduced compliance risks: A PLM system is helpful also in terms of leading one version of truth for all the information concerning products; this prevents automatically costs as lost productivity, legal fees, etc.
3. Costs reduction: The collaboration assured by a PLM system is a key factor for reducing production costs, in particular in terms of prototyping, industrializing and retooling costs.
4. Growth of productivity: The absence of a PLM system adoption causes wasting-time activities and, consequently, productivity is not facilitated. On the other side, by adopting PLM solutions, there will be less chances to encounter processing errors and their related rework.
5. Accelerate revenue increase PLM offers the possibility to sustain the increase of revenue, accelerating it by the handling of cost control and reductions.
6. Lead innovation: Innovation increases thanks to the collaborative and cooperative strategy offered by PLM systems. Teams work together achieving the best solutions, in spite of their physical positions. Moreover, PLM systems guarantee also the intellectual property protection, so the innovation is not threatened.
7. Improve products on a quality level: By using PLM, quality is not compromised and costumers satisfaction is maintained by implementing all the processes and procedures.