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Exceptional products are critical to any company's success. Likewise, engineers are crucial to ensuring products have what it takes to succeed in the market. Therefore, empowering engineers is key to the successful execution of business strategies. Unfortunately, engineers report spending too much time on non-value-added work, taking them away from critical innovation work. Tech-Clarity research finds that PLM (Product Lifecycle Management) solutions reclaim some of that lost time such that the investment will pay for itself. This report will help you calculate the potential ROI of PLM at your company.
Guest Company's Information
You have told us that your products are: Medium
and your company's growth goal is to: Grow the business
You are looking to achieve it by: Expanding product line/Offer new products
Yet, Redoing work (errors, can’t find, working with outdated information) is holding you back.
Our survey results show that PLM can help companies like yours.
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PLM (Product Lifecycle Management) is a software-enabled strategy to improve processes to conceptualize, design, develop, and manage products. PLM includes PDM (Product Data Management) which is a structured, collaborative solution that helps manufacturers control, access, and share product data. PLM extends PDM by managing the processes that use and support the data.
Guest Company's Expected Improvement with PLM
Based on your responses and the experiences of companies similar to yours, PLM can help your company achieve the following:
1 Time Savings
2 Cost Savings
3 Increased Revenue Opportunities
These additional projects will allow you to get more products to the market, creating more revenue opportunities and helping you grow the business.
How These Results Will Be Achieved
These results will be achievable because of the following expected improvements due to implementing PLM. These improvements are based upon the results of companies similar to yours with similarly complex products. The metrics reflect their experiences after implementing PLM:
1Satisfaction with collaboration improvements
96% report satisfaction with collaboration improvements since implementing PDM/PLM.
Most companies report satisfaction with PLM's impact on improving collaboration. The percentage reflects an average of those who say they are satisfied with PLM's impact on various activities such as collaboration with engineers within the same discipline, other disciplines, other departments, and third parties. Improved collaboration will lead to fewer interruptions, so engineers can spend more time focusing on specific market needs.2Reduction in non value added work
12% less time wasted on non-value-added work
When engineers waste less time on non-value-added work, they will have more timeto focus on engineering products that will meet specific needs better than anyone else. Interruptions are a major source of non-value-added work as engineers must stop what they are doing. Any time spent looking up data or collecting information to answer questions will also take them away from their work. PLM provides a central location for all product data so more people have access to what they need, without having to interrupt engineers.3Change in time spent managing changes
34% less time managing changes
Engineering change orders require lots of collaboration to execute the change properly. PLM can help automate much of the change workflow, so engineers spend less time managing changes and do not have to stop what they are doing to manually provide information others need to support a change.It can be easy to dismiss all the hidden costs associated with wasted engineering time.
However, imagine how much better off your company would be if you could get even more value from your engineers. Many companies similar to yours have addressed this by implementing PLM, and they experience significant benefits. PLM allows them to minimize many manual tasks engineers hate to do. They can also unlock more value from their engineering data. As a result, they save money, reduce development time, and can complete more projects to create additional revenue opportunities. This leads to a healthy return on their PLM investment, plus more competitive, profitable products.
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Learn More:
To learn more about how to improve engineering efficiency, download our eBook:
The Business Value of Reducing Engineering Time Wasters
Learn more about Teamcenter PLM from our sponsor Siemens.