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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: Simple
and your company's growth goal is to: Improve margins and profitability
You are looking to achieve it by: Being a low-cost provider
Yet, Too many manual processes / bottlenecks 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
The time savings will allow engineers to spend more time improving products to boost profitability and the cost savings will help to improve margins.
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 managing changes
23% less time managing changes
PLM helps automate the engineering change order workflow, so engineers spend less time managing changes or waiting for hand-offs and approvals. As a result, engineers can spend more time on engineering products that will stand out so that you can charge more and improve margins.2Change in time managing BOMs (producing, creating different views, integrating electronics and mechanical, etc.)
22% less time managing BOMs (producing, creating different views, integrating electronics and mechanical, etc.)
Managing BOMs can be a very manual process, but PLM removes much of the tedious work. It offers capabilities such as automatic BOM updates to reflect engineering changes and simplified methods for creating different BOM views. By freeing engineers from these manual tasks, they can focus more time on engineering efforts to develop superior products that will fetch a higher price, thus improving profitability.3Change in time managing configurations
16% less time managing configurations
Offering configurations tailored for specific customer needs provides an economically way to serve different markets, but configuration management can be manual and error-prone. However, companies report that PLM has helped them reduce the time they spend managing configurations, so they waste less time on tedious, manual efforts and get to do more of the engineering work they enjoy.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.