How can you use product lifecycle management software to track progress on a budget?

If you are a product designer, you know how challenging it can be to manage the different stages of a product's development, from ideation to launch. You need to coordinate with various stakeholders, keep track of changes and revisions, and ensure that your product meets the quality, cost, and time requirements. One way to simplify and streamline this process is to use product lifecycle management (PLM) software. PLM software is a tool that helps you manage the data and workflows related to your product, such as its design, specifications, components, and documentation. In this article, we will show you how you can use PLM software to track progress on a budget, and what benefits it can bring to your product design projects.

1 What is PLM software?

PLM software is a system that helps you organize, store, and access the information related to your product throughout its lifecycle. It allows you to create and update a bill of materials (BOM), which is a list of all the parts, materials, and assemblies that make up your product. It also enables you to manage the versions and revisions of your product, and track the changes and feedback from different collaborators. PLM software can integrate with other tools, such as CAD software, ERP software, and project management software, to create a seamless and efficient workflow.

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Raghav Mehta

LinkedIn Top Voice - Product Management & Product Design | Product @ Increff | Product Mentor @ Rethink Systems
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Here are some points explaining what is a PLM system: - Manages Product Information: PLM systems organize, store, and provide access to all product data throughout its lifecycle, from ideation to disposal. - Bill of Materials (BOM): It allows creation, update, and management of BOMs, which detail all components used in a product. - Version Control: Tracks changes and revisions of a product, along with feedback from collaborators. - Integration: Integrates with design (CAD), enterprise resource planning (ERP), and project management software for a smooth workflow. In essence, a PLM system acts as a central hub for all product-related information, streamlining collaboration and product development.

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Yogita Chauhan

Product Designer | User Experience Designer | User Researcher | User Interface Designer | Ex Reliance | Ex Amazon
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Utilize free or low-cost project management tools with lifecycle management features. Set clear milestones and deadlines for each stage of the product lifecycle. Regularly update progress, collaborate with team members, and track tasks using the software.

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Saqib Ali

Senior Consultant @ Systems Limited | 7+ Years Exp on 50+ Products | Google Certified UX Designer & Project Manager | IBM Certified | SAAS | A11y Advocate | Design Strategy | Service Design | CX
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tart by researching cost-effective options with essential features like project management and collaboration. Consider free or open-source solutions and negotiate pricing with vendors to fit your budget. Customize and scale the software as needed, optimizing resource allocation for maximum value. Ensure the vendor provides adequate training and support for seamless implementation. With these steps, you can effectively utilize PLM software to track progress without breaking the bank.

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Faizan Qamar

UXer | Digital Product Designer | Google Certified
(edited)
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Imagine a central hub for everything related to your product's journey, from conception to launch. PLM software is exactly that. It stores and organizes product information, including Bill of Materials (BOMs), version control, and change logs. It also integrates with other design and project management tools, creating a smooth workflow.

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Mamta Sanvatsarkar

.Top Product Managment Voice - Product & Analytics
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PLM is a useful tool for monitoring your products' progress within a budget. All information pertaining to a product, such as prices, materials, and deadlines, is centrally located in PLM. Rework and inaccuracies that can result in budget overruns are reduced when accurate information is maintained throughout the lifecyle. With PLM, you can simulate different scenarios and assess how they would affect project budgets, resource allocation, and schedules. Segment the product lifecycle and create budgetary benchmarks for each stage. Update expenses and progress in the PLM system on a regular basis to ensure precise tracking.

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2 How can PLM software help you track progress on a budget?

PLM software can help you track progress on a budget in several ways. First, it can help you reduce errors and rework by ensuring that you have the latest and accurate information about your product at any stage. You can avoid wasting time and money on fixing mistakes or duplicating work. Second, it can help you optimize your resources and costs by allowing you to compare different scenarios and alternatives for your product design. You can evaluate the impact of each option on your budget, quality, and schedule, and make informed decisions. Third, it can help you monitor and control your project performance by providing you with real-time data and reports on your progress, milestones, issues, and risks. You can identify and resolve any problems or delays before they affect your budget or deadline.

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3 What are the benefits of using PLM software for product design?

Using PLM software for product design can provide many advantages, such as improved collaboration and communication with team members, clients, suppliers, and other stakeholders. It can also enhance quality and innovation by incorporating best practices and standards into the design process, as well as exploring different ideas and solutions. Additionally, PLM software can increase efficiency and productivity by streamlining and automating the design process, while also reusing existing data and components. Ultimately, this can lead to higher customer satisfaction and loyalty by delivering the product on time and within budget, as well as responding to customer feedback quickly.

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4 How to choose the right PLM software for your product design project?

When selecting the right PLM software for a product design project, you need to consider several factors, such as the project scope and complexity, budget and resources, and compatibility and integration. Assessing the size, duration, and requirements of the project, and determining the number of people involved in it are important for understanding what kind of data and workflows need to be managed. Estimating the budget and evaluating the technical and human resources available to implement and maintain the PLM software is also essential. Moreover, it is important to check if the PLM software is compatible with existing tools and systems, such as CAD software, ERP software, and project management software. Furthermore, ensuring that it can integrate with them securely and exchange data with them is also paramount.

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5 How to use PLM software effectively for your product design project?

For effective use of PLM software for your product design project, best practices need to be followed. Firstly, the product design process should be established and documented, including the steps, tasks, roles, and responsibilities. Standards, rules, and guidelines must also be defined and documented, such as the quality criteria, approval procedures, and change management protocols. Secondly, the PLM software should be configured and customized to meet the project scope and requirements. Data structures, workflows, templates, and reports should be set up to suit user needs and preferences. Settings, permissions, and notifications should also be adjusted for data security and accessibility. Finally, users need to be trained and educated on how to use the PLM software effectively and efficiently. They must have the necessary skills, knowledge, and tools to perform their tasks. Additionally, users should be encouraged to adopt and embrace the PLM software as a helpful tool for their product design project.

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Faizan Qamar

UXer | Digital Product Designer | Google Certified
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Having the latest, accurate product information readily available minimizes mistakes and wasted resources spent fixing them. PLM software allows you to compare design options and evaluate their impact on budget, quality, and schedule. This empowers informed decisions that keep your project on track financially. Track project performance with up-to-date data and reports. Identify and address issues before they blow your budget or deadline.

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6 Hereâ€™s what else to consider

This is a space to share examples, stories, or insights that donâ€™t fit into any of the previous sections. What else would you like to add?

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Directory

How can you use product lifecycle management software to track progress on a budget?

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1 What is PLM software?

2 How can PLM software help you track progress on a budget?

3 What are the benefits of using PLM software for product design?

4 How to choose the right PLM software for your product design project?

5 How to use PLM software effectively for your product design project?

6 Hereâ€™s what else to consider

Product Design

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Directory

How can you use product lifecycle management software to track progress on a budget?

1

2

3

4

5

6

1 What is PLM software?

2 How can PLM software help you track progress on a budget?

3 What are the benefits of using PLM software for product design?

4 How to choose the right PLM software for your product design project?

5 How to use PLM software effectively for your product design project?

6 Hereâ€™s what else to consider

Product Design

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