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Here’s How Product Lifecycle Management Can Benefit Your Business

Here’s How Product Lifecycle Management Can Benefit Your Business

December 7, 2018

From the conception of an idea to the detailed design to its sale, a product passes through many touchpoints before it gets into the hands of the consumer. As such, retailers cannot operate smoothly without a Product Lifecycle Management (PLM) solution in place. Keeping track of all the moving parts involved takes real-time visibility into product data and shared information across each department. PLM plays a key role in the digital transformation that’s underway among top brands and retailers. If you’re new to PLM, here’s a quick look at some of the main benefits that a PLM solution can bring to your business.

A solution that brings speed and efficiency

Today’s fast-paced fashion scene calls for increased speed to market, which is a leading benefit of a modern, cloud-based PLM solution. Rather than operating through siloed, disconnected processes where information moves slowly and inefficiently, PLM streamlines the workflow and manages it all from one central location. Integrated calendars with timelines and “to-do” lists, along with simplified discussion dashboards, cut out unnecessary steps that waste time so that high-demand products can get to consumers more rapidly.

Product development calendars set to monitor on-time schedules and performance also boost the efficiency of a business. A technical packet, or tech pack, is a vital component in product management as it provides the manufacturer with instructions for creating a garment. One web-based platform allows employees to have full access to comprehensive product specifications and real-time information updates, combatting lag times and making the process run smoother.

Visibility reaps higher margins, lowers sampling costs

Not only does the transparency afforded by a digital PLM solution increase speed to market and enhance efficiency, but it can also help boost sales and profitability. Line item price negotiations, raw material commitments and capacity planning reduce the cost of goods sold, raising gross margins.

Sampling, an often time-consuming and costly process, is also made easier when digitized through evaluation results with markup and image support, automation for resubmission or subsequent requests and mass sample check-in and receival. With all these checkmarks in place, retailers can establish product viability prior to issuing sample requests, reducing costs in the process. In turn, earlier decision making such as with sampling, improves product adoption rates.

Improve productivity and reduce costs with NGC Andromeda PLM

NGC’s Andromeda Cloud-based PLM can be configured to the specific needs of any company whether you are a retailer, fashion or apparel brand, or consumer products company. The platform empowers simplified communication and increased collaboration, even when developers, designers and manufacturers work from different locations. Ultimately, companies gain the ability to synchronize information and processes throughout the enterprise, which in turn allows them to optimize product lead-time and distribution, maximizing company revenue and profit. Andromeda PLM can be deployed as a stand-alone product development solution or as an integrated application within the connected enterprise.

Going to NRF 2019? Meet with us at booth #4523 to learn more about how NGC’s Andromeda solutions can help you get in the fast lane on the road to digital transformation. 

For more information about the Andromeda PLM, click here.