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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 into new markets
Yet, Poor collaboration 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 amount of reuse
34% increase in reuse
Companies report that PLM increases reuse, so engineers can take advantage of previously completed, proven work rather than wasting time recreating details. This allows them to complete their work more quickly, lowering development costs.2Change in cost of scrap
32% reduction in the cost of scrap
Errors often result in expensive scrap. When engineering change orders are not executed properly, engineers often end up working with outdated information, which leads to a greater risk of errors and increased scrap. PLM provides traceability, making it easier to identify change impacts and to ensure everything is updated correctly so that engineers avoid errors that will drive up cost.3Change in time spent on rework
28% less time on rework
PLM supports a single source of truth and version control, so engineers don't waste efforts working on the wrong version. Consequently, companies report that PLM helps them spend less time on rework, saving time and lowering cost.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.