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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: Being a fast follower
Yet, Too much time wasted on non-value-added work 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:
1Change in time spent on rework
28% less time on rework
With less time spent on rework, engineers can focus more on value-added work. PLM offers capabilities such as centralized data, version control, traceability, and automated workflows, which help reduce errors due to outdated data and thus reduce rework. This frees engineers to innovate and help the company expand into new markets.2Change in time managing configurations
34% less time managing configurations
Configurations are an essential way to tailor offerings for new markets, but managing them can be tedious and contributes to efforts wasted on non-value-added work. PLM helps automate configuration management with traceability and by managing relationships between components. By spending less time managing configurations, engineers can spend more time adding value. Also, with more straightforward methods for managing configurations, it will be easier for your company to offer different configurations that appeal to new markets.3Change in time managing BOMs (producing, creating different views, integrating electronics and mechanical, etc.)
36% less time managing BOMs (producing, creating different views, integrating electronics and mechanical, etc.)
Managing BOMs is another administrative task that consumes valuable engineering time. PLM removes much of the manual effort with capabilities such as automatically updating the BOM to reflect engineering changes and simplifying the process of creating different BOM views. By freeing engineers up from these manual tasks, engineers can focus more time on engineering efforts to expand into new markets.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.