Steve Jobs once said, “Innovation distinguishes between a leader and a follower.” While this rings true, those involved in bringing products to market would argue that speed is also crucial. Why is speed to market so important? In short, because you must get on the digital or physical shelves before the competition does. Sluggish Product Lifecycle Management (PLM) processes can hurt your business in a number of ways including:
- Gives competitors the chance to dominate a market, even with a lesser product, simply because they arrived on the scene first
- Fosters a brand reputation as a follower rather than a market innovator
- Allows your competitors to permanently grab more of the market share through a cycle of promotions, purchases, and personalized product offers
The consumer market today is continually changing and fiercely competitive. Companies are pressed to launch new or revised products at lightning speed. Product teams often struggle to keep up and find it hard to control the quality of products and information along the way.
It’s no surprise, then, that 75 percent of new product introductions fail. It’s time to rethink PLM.
End-to-End Lifecycle Management with MDM
PLM processes are essential for companies to create, sell, and manage a product from inception to retirement. However, a PLM system does not support crucial areas of product information management such as syndication, publishing, and synchronizing all product content for every channel and market globally. When it comes to effective lifecycle management for products, companies must operate with speed, agility, and consistency. That’s where Master Data Management (MDM) can help, serving as a single source of truth for:
- Product requirements
- Bill of materials
- 3D models
- CAD drawings
- Catalog updates
- Marketing collaterals
- Packaging specifics
- Distribution details
- Compliance certificates
Because an integrated approach to product information management is so crucial, organizations that depend on PLM are increasingly turning to MDM to solve product data quality and management challenges, as well as drive and deliver PLM objectives.
For example, in the case of EnterWorks Enable™, organizations can manage product data and content, as well as easily expand to other data domains such as customer, loyalty, employee, vendors, and more. Companies can synchronize product data, gain a better view into the commercialization of product development, achieve efficiency in PLM processes, and deliver improved business results.
Want to learn more about supporting PLM with MDM? We’ve created a new resource, Manufacturing PLM Success with Master Data Management, available for download here.