Whether you are in the retail, fashion, or consumer goods business, you most likely agree that products and material ordering are a vital part of your day-to-day operation. At the same time, you might also acknowledge that the entire process is time-consuming and tedious. Do you feel that as your business grows, it’s becoming more and more difficult to complete orders with your traditional legacy system? Or, have you found that your business relies too heavily on emails and spreadsheets when it comes to managing your supply chain and day-to-day operations?
If so, it may be time to switch to cloud-based product lifecycle management (PLM) software. Not only will smarter software increase the operational efficiency of your business, but you will also save a lot of time and money at scale.
Why Use one Tool?
Many organizations use multiple tools for ordering products and materials because the processes involve many steps. For each stage, they manage different spreadsheets. Since a supply chain is a long and elaborate process, needless to say, organizations end up using multiple spreadsheets that slow down the process. Further, the operations get hampered if these spreadsheets, calendars, and other tools aren’t integrated.
If you’re stuck in this myriad of spreadsheets and looking for a way to streamline your business, then the solution may be using a PLM. The primary purpose of PLM software is to function as a centralized platform with all relevant information. Modern cloud-based PLM software is market-driven, completely configurable, and should promote innovation.
Such current PLM software ensures that the go-to-market time is minimized, thus ensuring higher product margins. A modern PLM system also helps teams to collaborate internally and encourages collaboration with suppliers. If you’re interested in implementing PLM software at your business, you should first take some time to research different options. What does an ideal PLM system do?
It should replace various tools and processes in the following ways:
1. Create Accurate Tech Packs
PLM platforms minimize opportunities for human error and improve communication across all channels. This saves you from producing multiple product samples, meaning you spend less money and increase your return on investment.
2. Create Diverse Products for Your Customers
As everything moves quickly down the supply chain, you can offer a wide variety of products to your customers in a short time with the utmost quality. PLM also helps you to meet targets with your deliverables.
3. Increase in Staff Efficiency
Efficient PLM software increases staff efficiency since your staff won’t have to spend time managing multiple spreadsheets or spend hours searching for information that is spread across a traditional legacy system. Your team will thank you for not having to look through data and reports manually to pull out any specific information. Plus, manual extraction can often lead to errors, which further slows down the supply chain.
With PLM software, all data and information are centrally stored so that anyone can access it anytime. If you invest in cloud-based PLM software, staff can access data from anywhere and generate customized reports.
4. Optimize Order Quantities to Avoid Ordering Excess Material
Because PLM centralizes data, you can take a peek at your inventory at any point in time, which will increase the accuracy of your forecasting abilities. This advantage ensures you are optimizing your inventory and not spending unnecessary resources. Additionally, when you have a clear picture of your stock, you are in a better position to negotiate with your suppliers. All these cumulative efforts will result in a higher ROI.
5. Improved Logistical Planning
With a modern PLM platform in place, you are better equipped to overview your calendar so that no products stay lying around for a long time. You know when and which product to be moved forward in the supply chain. For example, if you know ahead of time which products need to be shipped, you can plan the logistics ahead of time so that you don’t have to pay additional freight costs.
6. Invest in Efficiency
If you want to grow your business, the only way to modernize your product and material ordering are by implementing a single tool: PLM software. If you have not yet upgraded to a streamlined system, it’s high time you say goodbye to your legacy system and embrace new PLM software.