Epicor PLM: How to Manage Product Lifecycle in Manufacturing
Have you ever wondered why your favourite products disappeared from the store shelves to never be found again? This is what happens when a product goes through its lifecycle. It gets created, goes to market, and then disappears.
Today, we will break down the product life cycle and explain how it is managed with PLM systems like Epicor PLM.
What Is a Product Life Cycle?
A product lifecycle is a series of steps a product must go through during its life. The product goes from its introduction to the market to its decline and then removal from the market. It is a conceptual reference that allows businesses to visualize their products and competitors on the market, as well as plan to take advantage of opportunities and avoid threats.
What Are the Main Stages of the Product Lifecycle?
There are usually 4 steps to the product lifecycle: introductory phase, growth, maturity, and decline.
Introductory Phase
The product introduction to the market is the step called ‘introductory phase’. The goal is to create awareness of the product and capture as much share as possible before competitors come in.
Growth
The second step of the product life cycle is the growth, when the product sales start to grow. New customers buy the product because of the early adopters’ influence. Competitors come flooding the market with their own product when they realize the potential benefits of the growth market.
Maturity
The third step of the lifecycle is the maturity, when the demand for the product stabilizes. Competition is fierce, and it is important to focus on differentiating your product from those of competitors.
Decline
The fourth step of the product lifecycle is the decline, when the demand for the product starts to decrease and the product becomes outdated or better alternatives come on the market. Businesses can try to reposition their product to capture residual demand or discontinue the product.
What Is Product Life Cycle Management?
PLM stands for product lifecycle management, which is the entire processes and technologies used in managing the product lifecycle, typically in the form of software centralizing all the product-related data and activities like Epicor PLM. In short, the product lifecycle management software focuses on the technical and developmental side of product creation and evolution.
Key Features of Epicor PLM for Manufacturers
Product Data Management
Product Data Management (PDM) focuses on centralizing, organizing, and sharing product-related data. This includes models, drawings, product design, specifications, and engineering documents, particularly during the design and development phase.
Collaboration and Communication
The centralization of data allows teams to collaborate more efficiently by accessing the latest information at any given time. This reduces errors and miscommunications. Features such as live chatting, file sharing, and collaborative editing of documents are common in PLM software.
Decline
The focus of project management is to rationalize processes, resources’ usage, and activities product lifecycle. Project management is in play from the concept and ideation to the retirement and end-of-life of the product. It allows teams to manage the timeline and the resources and delivers an overview of the project in real time.
Regulatory Compliance
The PLM system digitizes regulatory documents, which allows businesses to standardize their procedures and comply with regulations more efficiently.
Quality Management
Quality Management System (QMS) creates a closed-loop process that moves a product back to the design and development phase when a quality issue is detected. Then, the product is improved until it meets the quality standards.
Workflow Automation
The workflow automation automates routine tasks. It reduces manual work, minimizes errors, and speeds up data transfer to the system. Additionally, the automation of the workflows generates data for analytics, which makes it easier to monitor performance and improve efficiency.
Top 5 Benefits of Epicor PLM for Manufacturers
Faster Time to Market
Manufacturers can launch their product more quickly and efficiently with their rationalized processes and the automation of their workflows. Additionally, the optimized processes and workflows reduce the number of errors and manual labour.
Higher-Quality Product
The centralization of all data, including digital regulations forms, and the standardization of processes reduce errors and defects, which leads to higher-quality products.
Better Teamwork
The collaboration is easier with a single set of data shared between teams and colleagues. It reduces misunderstandings and errors, allowing teams to work with the latest information. This also reduces wasted time on rework.
Lower Costs
The centralized database reuniting all the product development process information, as well as those from manufacturing and supply chain operations, allows Epicor PLM to help identify inefficiencies, reduce rework, and minimize waste of resources.
Improved Decision-Making
Data access is crucial in a product lifecycle management system, as it provides real-time data and an overview of all the operations, which greatly improves the decision-making and helps businesses to pivot according to market swings.
Overcoming Challenges with Epicor PLM
Adopting a Product Lifecycle Management system can feel complex, especially for manufacturers dealing with tight margins, strict regulations, and fast-moving product changes. The good news is that many of the common challenges associated with PLM adoption can be addressed with the right platform.
The good news is that many of the common challenges associated with PLM adoption can be addressed with the right platform.
Epicor PLM is designed specifically to help manufacturers overcome these obstacles and move forward with confidence.
Reducing Resistance to Change
Change is one of the biggest hurdles in any digital initiative.
Epicor PLM offers a user-friendly interface and workflows designed around real manufacturing processes. With proper training and gradual adoption, teams can transition away from manual tools and disconnected systems without disrupting daily operations.
Avoiding System Misalignment
Choosing the wrong PLM system can create more problems than it solves.
Epicor PLM is built specifically for manufacturers and integrates seamlessly with Epicor ERP. This ensures engineering, production, quality, and supply chain teams all work from the same data, eliminating silos and misalignment between departments.
Ensuring Compliance and Data Control
Manufacturers operating in regulated industries must maintain accurate documentation and traceability.
Epicor PLM centralizes product data, revisions, and approvals, making it easier to meet compliance requirements while maintaining full visibility and control throughout the product lifecycle.
Why Manufacturers Choose Epicor PLM
In the manufacturing industry, PLM, like the Epicor PLM, optimizes all stages of your product development process. It goes from the concept and raw materials to the final products made available on the market. In between, it passes by the transfer of the bill of materials (BOM) from engineering to manufacturing.
Frequently Asked Questions About Epicor PLM
Why Work with Epicor PLM Experts?
Epicor PLM experts can help you unlock the full potential of your PLM software. With our deep knowledge in manufacturing, our experts will help bring your products to market faster. We can help tailor the system to your specific needs and improve your production line.
Here at EC Solutions, we have over 20 years of experience in helping manufacturing companies boost their efficiency and profitability with ERP software and modules. We deliver value by implementing and customizing the software to your specific business needs and by continuously supporting your business with our professional services.
Book a call now to gain a lasting competitive advantage.