CPG companies are showing growing interest in the results achieved with PLM, due to industry factors and recognition of the significant gains attained in the high tech, aerospace and automotive industries.
Delivering on the promise of innovation in today’s competitive environment means more emphasis than ever on reducing cycle times, increasing rates of innovation, improving product quality, achieving regulatory compliance, and decreasing time to market. AberdeenGroup’s recent research report “Profiting from PLM” reveals that leading companies across various industries are turning to Product Lifecycle Management (PLM) processes and software to help address these challenges, and are realizing the benefits.
Despite an industry focus on innovation, Consumer Package Goods (CPG) companies lag other industries in adopting PLM to drive innovation. While PLM has been profitably deployed by discrete manufacturing industries, the CPG industry has been slow to adopt PLM as a fundamental business process. In fact, only 20% of CPG companies have a true PLM process and systems platform in place. Additionally, only 28% of CPG companies surveyed in an industry benchmark report had centralized product data, and just 17% had integrated automation solutions for data and processes, along with collaboration around projects and products.