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Products fail an average of nine out of 10 times; even a small decrease in failure rates
can greatly affect a company’s bottom line. Consumer goods manufacturers should look
closely at product life cycle management to realize possible profit gains.
Product life cycle management (PLM) has been around for a
decade. Yet it remains a tool that many companies consider
daunting, mysterious or complex. Part of this difficulty could be
PLM’s rapid metamorphosis. It began as product data management,
an elaborate toolset for integrating product design and development,
and quickly morphed into product information management,
which sought to emphasize more of the product development
process. Then came collaborative product commerce (CPC), which
added an Internet component. Basically, CPC brought external business
partners into the product-development loop, mainly in the areas
of data exchange and operational collaboration.
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