Ever wonder how complex products go from ideas to physical objects you can hold in your hands? Product lifecycle management (PLM) helps manage that journey, and its components might seem as mysterious as modern manufacturing would to an early 1900s factory worker. This article will explain what PLM components are and how they benefit businesses.

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What Are PLM Components?

Like nerve receptors to your brain, PLM components act as a bridge for existing design, engineering and manufacturing applications. In order to make it through the product lifecycle, you’ll need these tools to integrate with your existing software ecosystem. Think of them as messenger pigeons, connecting towns all over to the center of command (though they’re much quicker).

Primary Benefits

Adding yet another tool to your kit in the ever-changing world of Industry 4.0 can be a daunting prospect. However, the high opportunity cost of data silos and longer times-to-market may make the medicine go down easier.

Reduce Development Costs

Developing and maintaining complex 3D software applications can be a significant financial burden. PLM components offer a somewhat more cost-effective alternative. You can leverage pre-built functionalities without the need for extensive in-house development

Enhance Application Value

Breathe new life into existing design and engineering applications. Add functionalities like digital manufacturing simulation or advanced visualization tools to unlock new potential within your existing software suite.

Improve Collaboration

Ensure no department is an island. Create an environment that provides seamless communication between design teams and your team on the shop floor. For example, visualization tools like AutoCAD provide clear and efficient communication of design ideas, fostering better collaboration and reducing the risk of misunderstandings.

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Core PLM Elements

Although poking holes in the plotline of the Avengers is practically a national pastime at this point, they’re each essential to defeating Thanos (except maybe Hawkeye). In the same way, each core PLM component plays a role in your manufacturing operations.

Geometric Modeling

Imagine a sculptor meticulously crafting a clay model. Geometric modeling within PLM components serves a similar purpose – it’s the bedrock of digital product design. These components offer robust tools for creating and editing highly detailed and accurate 2D and 3D CAD models.

It’s not just simple shapes either. You can create intricate assemblies with precise dimensions and functionalities. Advanced features like parametric modeling allow for dynamic changes that automatically update the entire model, saving design teams significant time and effort.

Digital Manufacturing

Forget the days of costly physical prototypes. Digital manufacturing tools within PLM components allow you to virtually simulate the entire manufacturing process. Simulate assembly line procedures, identify potential bottlenecks, and optimize production workflows.

By virtually testing different manufacturing scenarios, users can identify and address potential issues early in the design phase, saving time and money during actual production.

Simulation and Validation

Take the guesswork out of product performance with simulation and validation tools. Analyze your product’s behavior under various conditions, including stress testing, thermal analysis, and fluid dynamics.

Virtual testing empowers engineers to identify potential design flaws and optimize performance before physical prototypes are even built. The result? Products that meet design specifications, performance metrics and are less prone to real-world failures.

Visualization and Collaboration

Effective communication is paramount in the design process. Visualization tools within PLM components empower design teams to create stunning 3D renderings, animations and virtual reality experiences.

A picture is worth a thousand words. These visuals not only enhance communication with colleagues but also allow for clear and concise presentations to stakeholders and clients. Imagine showcasing a new product design in a virtual environment, allowing stakeholders to interact with it and provide feedback before any physical prototypes are created.

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Data Exchange

Modern manufacturing environments aren’t islands. Data exchange capabilities within PLM components ensure seamless communication between various software applications including CAD software, other PLM systems and even ERP systems.

Data flows freely and securely, eliminating the need for manual data entry and reducing the risk of errors because all departments have access to the latest information.

Knowledge Management

The benefits of a centralized database can never be overstated. Knowledge management tools within PLM components provide a central repository to capture, store, and share critical product information.

Access design specifications, engineering notes, manufacturing procedures and best practices. A convenient, central portal allows new team members to learn from past projects, reducing the learning curve and ensuring consistency in product development.

Bill of Materials Management

No product exists in a vacuum — it comprises numerous components. BOM management tools within PLM components help you track and manage all the parts that make up your product. Think everything from nuts and bolts to complex subassemblies.

With BOM management, you can monitor inventory levels, identify potential shortages, and optimize costs associated with materials streamlining the production process with minimal delays caused by missing components.

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Choosing the Right PLM Components

Choosing the right PLM components doesn’t have to be as complicated as deciphering The Odyssey. Here’s a basic roadmap to guide you through the selection process:

Know Your Maturity Level: Manufacturing companies have varying levels of PLM adoption. Assessing your current PLM maturity level helps you identify specific areas where PLM components can make the most impact.

Identify Your Needs and Challenges: Every company has unique needs and challenges. Take time to identify your specific pain points and areas where your current workflow can be improved. If you need a helping hand, check out our guide to key PLM requirements.

Evaluate Features and Compatibility: Don’t let flashy marketing material sway you. Carefully evaluate the functionalities offered by different PLM features and ensure they are compatible with your existing software suite. Check out our comparison report to compare top software tools against your requirements.

Outline Your Product Lifecycle: Eric Schrader, Chief Product Manager at Propel, believes your PLM components should align with your processes.

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Next Steps

Congratulations! With this article under your belt, you can confidently add PLM components to the list of topics you understand. But, like in life, the learning never ends. If you’d like a helping hand with more in-depth information, take a look at our PLM leaderboard.

What PLM components are most essential to your company? Let us know in the comments below.

SME Contributors

Eric Schrader is Chief Product Officer at Propel Software, a SaaS provider dedicated to helping high-tech, medtech and consumer goods companies build compelling and profitable products. He previously held executive roles as Chief Customer Officer at Betterworks, and was Vice President of Global Professional Services at Coupa Software. Eric’s experience scaling companies at Agile Software and Coupa has been recognized through his inclusion as a Customer Success Fellow at Sapphire Ventures, and as a Fellow in Stanford University’s Distinguished Careers Institute from 2019-2020.