Benefits of Product Lifecycle

1.Reduce Risk:-In a world of regulations, each industry has to comply with specific regulatory standards. Companies need to adhere to these industry regulations as they launch new products. Failure to comply with these regulations can hurt customer retention, damage brand reputation and negatively impact the company's bottom line. It also helps reduce the risk of fines, delays, and lost sales due to non-compliance.
2.Increased Productivity:-Leading research says that only 39% of the employees spend their time actually performing their primary job. PLM solves this problem by helping companies improve operational efficiency, reduce infrastructure costs, improve product quality, and accelerate time to market.
3.Cost Management:-Given the increased pace of the price erosion and variability, companies need to have clear visibility into product costs during the development phases. They need to be able to model a forward-looking view of the associated product costs. PLM helps companies put together the forward cost model.
4.Accelerated Time to Market:-Speed of innovation is the new scale, as companies are continuously trying to outperform one another, and are racing against time to launch new and innovative products. PLM software helps companies get to market up to 75% faster — successfully staying ahead of the competition.
5.Data Sharing:-Data sharing goes hand-in-hand with scalability (discussed below in detail). The ability to share the correct information with the correct people at the right time comes into play, especially as we enter a new era of a highly connected, increasingly global market.