A retail product goes through a complex cycle of development, production, and distribution from the moment it’s approved for production to the moment it lands in a consumer’s hands. Retail companies must continuously evolve to keep up with the latest consumer trends and develop viable product lines.
But to ensure maximum profit, they must also stay on top of new technologies that help them stay ahead of their competitors, track product data, and speed up the product life cycle without cutting corners in quality. Retail product lifecycle management software can provide a reliable framework for successfully developing and launching new products.
Common Problems in Retail
In retail, the speed with which a company can bring a product to market can be a critical factor in the success of the product launch. Inefficiencies and gaps in product development workflow processes can become significant hindrances, especially when the company also lacks streamlined and comprehensive communication between suppliers and internal departments.
Without clearly delineated schedules and metrics goals, product development timelines and costs can both quickly grow past salvageable limits. And if a retail company plans to test its product with market segments without having clear goals and reliable methods of data compiling and tracking, it may have difficulty gleaning meaningful results from the testing efforts.
What is Product Life Cycle Management?
Product Lifecycle Management, or PLM, refers to the entire process of creating, developing, producing, and distributing a private-label or branded product. PLM describes a standardized system of managing the entire product lifecycle, from its inception to its sale on the retail market.
Many industries have developed their own methodologies unique to the needs of its sellers and manufacturers, but all PLM systems share some framework commonalities. The goal of retail PLM is to streamline the process to maximize efficiency, profit, product quality, and, ultimately, customer satisfaction.
How Can PLM Software Help a Retail Business?
The right PLM software can help a business keep track of its product lifecycle digitally and within one comprehensive system. By streamlining the steps and gathering data in real-time, retail PLM software allows businesses to make faster product lifecycle decisions. It increases the speed with which a company can bring its products to market.
In turn, this increases the company’s overall productivity while driving production and development costs down, maximizing profits, and driving higher margins. Retail PLM software can facilitate collaboration between a company’s different departments, centralizing all facets of the stages of production, and control sampling and production costs.
Once the product has been released to market, PLM software can help companies compile accurate data about its market reach and make better production decisions going forward.
A Finger on the Pulse of Your Production Cycles
PLM software for retail can improve, upgrade, or even completely overhaul the company’s product development workflows, ultimately resulting in shortened concept-to-delivery timelines and more efficient production lifecycles.
The best PLM software helps companies leverage cutting-edge technology to boost product innovation, become more competitive at a larger scale, grow its customer satisfaction, and realize higher profit margins. In a market increasingly steered by data-driven insights and technological advances, retail PLM can be a powerful tool in a retail company’s product development process.