Product Life Cycle Management focuses on the processes of a product from its conception through the design, production, application taking care of the end disposal. It is like a step-by-step strategy that takes a product from the states of the penciled idea all the way to beyond physical implementation. It involves the ability to produce the right product for the right market at the right time but without compromising on quality and cost. However, this entire journey can be rather cumbersome.
In this article, let’s look atwhat a PLM system does and what is the role of SAP Business One in all this.
What do you mean by a Product Life Cycle Management System?
The Product Life Cycle Management System is a software solution targeted at all the stages of a product within its life span. It includes people, processes, business systems and information which are streamlined to manage a product throughout its lifecycle in an effective and economical way. It serves as a single storage point for all productive data making it easy for the different teams to coordinate, adhere to regulations and speed up the time spent launching the products onto the market.
Process of Product Life Cycle:
Concept: This is the phase of conception of the product idea. Companies study the market, gather customer reviews and think of new products.
Design and Development: This phase of the product life cycle involves the designing of the product and coming up with product samples. Thorough specifications are made, and tests are conducted on the product to meet the set standards.
Manufacturing and Production: Once the design is completed the product changes to the manufacturing stage. At this stage, companies are more strategic in planning of production, procurement of materials and guarantee the quality and volume of the product.
Launch and Market Introduction: The product is introduced into the market. The marketing efforts come into play, and the product reaches its targeted customers through several channels.
Service and Support: Once a product has been pushed onto the market, it is important to offer support. This includes customer service, maintenance, and returns or repairs.
How SAP B1 Goes Towards Managing the Product Life Cycle:
There are many successful implementations for SAP Business One as it is an ERP solution suitable for SMBs. It comprises all key business operations including finance, sales, inventory, customer, and relationship management in one system. Thanks to the SAP Business One, companies can significantly improve their processes because:
Improved Collaboration: Whether it is design or manufacturing, every team will work on the same data thereby minimizing communication gaps between teams and avoiding any discrepancies.
Data Management: All the product data is stored in one place which makes it easier to track changes over time, to control versions, and to maintain data integrity.
Resource Planning: Gives a faster view of inventory levels, production plans and supply chain situation so that consumption of different resources is optimized and there is lesswaiting time.
Quality And Regulatory Control: Keeps track of product quality over its entire life span. It also addresses full compliance with the set standards, which is very important in the regulated sectors.
Cost Management: Enables the performance of cost estimation and cost control reports aiding companies in the analysis of cost factors enabling a high rate of profit.
SAP Business One enhances the processes involved in the management of product life cycle by offering integrated tools, improves data accuracy and facilitates better cross-functional collaboration.
To know more contact the Best SAP B1 partner in Bangalore.
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