Product Lifecycle Management in a Nutshell

The absence of a centralized data system can bring about a lot of difficulties and delays in the retail industry, especially for large players. There is a ton of products that needs to be sourced, an overwhelming number of SKUs to be managed, and the margins and financial performance of products to be analyzed.

Product Lifecycle Management (PLM) software help businesses fight head-on in the competitive industry. Retailers can ensure that they meet the growing demands of customers and offer them immediate access to products.

How Do Large Retailers Go From Good to Great?

With products turning more advanced and projects turning more complex, the retail industry presently requires a better model to manage all the responsibilities from business processes to design and analysis. Without a system to manage all the different aspects, product development will turn to a complete disaster, resulting in loss of time, effort, and money.

A Product Lifecycle Management system for retail improves the efficiencies and makes the product development process more transparent. This results in more innovations, time-to-time market and short product development cycles which is essential for large retailers to go from good to great.

What Can Product Lifecycle Management Software Do?

There was once a time when product lifecycle management for retail software was a luxury. Thanks to automation, now PLM has become more of a standard that operations of all sizes could afford. By utilizing a PLM, you get to experience the following benefits.

  • Communication and uniformity of data is the key to run an organization smoothly. PLM software put forward a single platform for everyone to work on. This means everyone remains on the same page and communications issues will be greatly reduced.
  • Retail PLM solution makes coordination – modifying schedules, implementing efficiencies, delivery logistics, at all levels possible.
  • Once your business grows, just traditional communications and spreadsheets fall short in maintaining customer service and production quality. Hybrid solutions like PLM software help address these issues even before they become a disaster.

Learn more about how PLM software can benefit your company here.

Utilizing a PLM System To Achieve Retail Success

For the end consumer, PLM software means dedicated and synchronized assortment which is achieved through:

  • Coordination between merchants, product designers, technical designers, sourcing, and suppliers on trend analysis, brand identity, and implementation of the product.
  • And, tools like material palettes, line plans, trend boards, and color that gives a strategic big picture to everyone involved in the project.

Furthermore, PLM enables companies to better respond to changing customer requirements and trends through focus groups, store feedbacks, and data analysis.

PLM software especially happens to be a necessity for businesses that sell footwear and apparel as they have to meet the new windows of changing fashionability. PLM software speeds up the product development process so that new products that align with the new trends can quickly hit the market.

PLM—Improving The Retail Industry

The retail industry is always facing dramatic changes and huge amounts of data. In such a scenario, only advanced PLM software can help you stand out from your competitors and drive profitable growth.

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