In one recent instance, a large company that bolstered its PLM and supply chain frameworks experienced a 40% increase in the net present value of its product portfolio, an increase of greater than 20% in resource productivity, and gains ranging from 10% to 30% in project duration and impact on accelerating sales. In another instance, a company adopting digital PLM gained full portfolio transparency and reaped a 72% increase in its gross margin per active product.
By optimizing management of the product lifecycle with digital in mind, organizations can eliminate a slew of unfavorable outcomes and behaviors, including inefficiencies, slow turnaround times and errors in forecasting. They also can stave off the prospect of carrying a large portfolio of low-value/low-profit products. A combination of a digital strategy with digital technologies such as cloud, AI and RPA is how companies can innovatively design, develop and manage quality through the entire product lifecycle.
