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How You Can Ensure Product Life Cycle Using ERP System

Wednesday, 04 March 2020, 07:11 Hrs

It is essential for companies to keep track of a product’s data from the time of ideation & design to manufacture. Taking the help of Product Lifecycle Management – a process through which a company is able to manage a product’s wellbeing is what has become the oxygen for success in manufacture.

Product Lifecycle Management helps in many ways including product changes and product invoice generation. Any alteration in the supply chain stage is also facilitated by Product Lifecycle Management. The company administration gets all the necessary information whenever they ask for and are able to compose any required change. Integration of Product Lifecycle Management and Enterprise Resource Planning further amplifies the product manufacture structure. While Product Lifecycle Management supports production processes like Bill of Materials Management, Item Management, Change Management (ECR, ECO, and ECN), Document Management and Compliance Management, Enterprise Resource Planning chains in support of financial processes like Purchasing, Inventory Management, Order Management, and Accounting.

Though not long ago Product Lifecycle Management and Enterprise Resource Planning were separate processes inside a company’s daily operation. Every department executed the processes individually without merging any data in the way.

But with the recent developments in the world of Data, which have become invaluable pick for manufacturing companies all over the world there has been a tidal shift. From separate use of Product Lifecycle Management and Enterprise Resource Planning, companies have started preferring implementation of integrative use of both – Product Lifecycle Management and Enterprise Resource Planning. This is because of the following facts –

Benefits of Product Lifecycle Management and Enterprise Resource Planning System

  • Increased Return on Investment (ROI) – Regarded as crucial spending for a company, integration of Product Lifecycle Management and Enterprise Resource Planning system actualizes most profitable outcomes by giving rise to a continuous manufacturing roadmap. The integration costs are high, but so is the ROI companies get in their everyday operation.
  • Presents a number of Gateways at Times of Planning – Product visualization is the decisive stage for a manufacturer for precise production. When a manufacturer has even ideas on the available materials for production, it is able to plan better. This is done through Enterprise Resource Planning System. The system gives insight data on the product materials and also predicts the outcomes.
  • Connects Teams – When teams are working discretely production challenges arise. Different brains with unique ideas but not able to align in one channel is the reason behind low production for many companies. Product Lifecycle Management and Enterprise Resource Planning systems help in the communication process giving innovative manufacture solutions from every team.
  • Maintenance of Product Quality – After you implement Product Lifecycle Management and Enterprise Resource Planning systems, there are minimum chances for production errors, resulting in better product quality. This also eliminates the chances of manufacturing defective products that are not marketable or user validated.
  • Time-Saving Measure – Combination of Product Lifecycle Management and Enterprise Resource Planning systems give manufacturers enough time to think on the next product by saving time in present production.
  • Gives Specialist Inputs on Decision Making – The faster effective decisions are taken, the earlier results come in. And integration of Product Lifecycle Management and Enterprise Resource Planning helps in that by abolishing the chances of flawed decisions.

Integrating Product Lifecycle Management and Enterprise Resource Planning systems can deliver the entire production story among the teams that is of utmost importance for maximum quality manufacturing. The departments where Enterprise Resource Planning Software for Product Lifecycle Management can be used are – Sales, Product and Brand Management, Supply Chain, Manufacturing, Service, External Partners, Engineering, Research and Development, Customer Support and Information Technology.