Product lifecycle management (PLM) is a crucial business function in the manufacturing industry that significantly impacts the sales cycle. Having an effective PLM strategy in place is imperative to successfully run a production company and deliver maximum customer satisfaction. It is even more important for small-scale manufacturers as they are normally competing at many levels. In order to corner the market, their products must come out clean on many quality standards, something that would not be possible without PLM software development.
Odoo PLM offers promising solutions for product lifecycle management, enabling enterprises to optimize their sales pipeline and improve customer experiences. It optimizes enterprise social networks and facilitates seamless communication across various departments. At the same time, Odoo PLM software enables organizations to augment their upselling and cross-selling efforts.
This post highlights the importance of product lifecycle management for small and medium-sized businesses. Subsequently, we shall analyze the key benefits of Odoo PLM software for product lifecycle management.
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The Importance of Product Lifecycle Management
Product lifecycle management is increasingly important for businesses of all sizes regardless of their industry and unique selling proposition (USP). An effective PLM strategy would significantly reduce operational costs while also shortening time-to-market. A custom-built PLM software is crucial to businesses for the following reasons:
– The PLM software enables product managers to gain complete control over each phase of production and track on-site activities
– It significantly reduces human errors and provides a centrally shared repository to facilitate seamless communication between different teams
– PLMs can provide accurate cost estimations for various product development processes as well as the expected revenue
– With custom PLM software, production companies can easily build, optimize and adopt integrated workflows as and when required
Benefits of Odoo PLM Software
Production companies can use the Odoo PLM software to holistically manage their product workflows, monitor routine on-site/off-site activities, maintain bill of materials (BOMs) and much more. Below are the key features and benefits of Odoo PLM software that make it an ideal solution for product lifecycle management.
Production Management
Odoo PLM enables enterprises to efficiently manage their production workflows and build resilience for future events. It offers a great deal of flexibility, durability, and reusability to help enterprises achieve high levels of productivity. At the same time, it increases production capacity, drives revenue growth and accelerates the product development lifecycle.
Better Cost Control
According to numerous studies and public surveys, production companies suffer heavy losses due to operational mismanagement every year. Besides, the instances of price erosion and backorders have increased considerably over recent years that ultimately lead to exorbitant costing. That being said, Odoo PLM has come out clean on all parameters that are necessary for effective cost control. With its prime focus on product quality and cost-effectiveness, Odoo PLM enables enterprises to mitigate resource wastage and maximize profitability.
Also, Read Odoo vs ERPNext: Selecting The Right ERP Solution For Your Business
Improved Collaborations
One of the main benefits of implementing Odoo PLM software is to strengthen your team collaborations that goes a long way towards improving workforce productivity. It provides a centralized dashboard interface to effectively manage a host of business activities including production workflows. More importantly, it brings all critical business functions under a single software platform and enables faster information sharing across all phases of production.
Faster Time To Market
Time to market could be a major contributing factor to achieve business success and override market competition. Odoo PLM software significantly improves product development lifecycle, thus, ensuring that your products reach the market faster than your competitors. At the same time, it helps you keep pace with the latest market trends and optimize your production strategies to fulfill market demands.
Centralized Data Sharing
Centralized data sharing not only improves team performance but majorly contributes to the overall business productivity and profitability. Odoo PLM software offers intuitive and responsive dashboards to centralize the flow of information across different departments and production units. Besides, it enables enterprises to gain real-time visibility into their core business functions and keep track of routine operations.
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Key Takeaways
1. Odoo PLM simplifies product lifecycle management to a great extent, accelerates product development cycle and yields faster time-to-market.
2. It provides a centralized flow of information, thus facilitating seamless collaboration and coordination between different teams and production units.
3. Avoids performance leakages, fosters workforce productivity that ultimately enhances production capacity and translates to increased ROI.
4. Odoo PLM software plays a critical role in performance optimization and cost control as it enables organizations to mitigate operational expenses and boost profitability.
Why Choose Oodles ERP For Odoo Application Development?
We, at Oodles ERP, provide complete Odoo software development services to solve the diverse business problems of our customers. Our Odoo ERP development services enable enterprises to efficiently manage their routine operations and workflows and attain higher levels of productivity. We are a trusted Odoo development company having 10+ years of experience in custom ERP development for cross-industry business use cases. Our development team is skilled at using a variety of Odoo modules to solve industry-specific problems of our clients. We have successfully completed several full-scale Odoo ERP projects for customers from across the globe. For more information, drop us a line at [email protected].
