Insights on deploying a best-in-class PLM implementation approach to improve time to market.
Delivering on the promise of innovation in today’s competitive environment means more emphasis than ever on developing and sustaining winning new products. To thrive — and survive — companies must constantly reduce time to market (TTM), increase new product throughput while improving product quality and safety, and ensure products meet customer needs. New product success requires excellence in many areas, but reducing TTM is always near the top of the list. Whether measured as time to profitability (TTP) or metrics focused on speeding up a company’s R&D ROI (return on R&D investment), recouping investment in a new product is critical to seizing first-mover advantage. Ensuring a product’s competitive advantage by beating a competitor to market and locking in significant profit margins for the life of the product are both gated by speed. Ultimately, speed to market is rewarded with market share and profit.
Companies are increasingly turning to product lifecycle management (PLM) solutions to enhance the productivity and efficiency of their innovation and product development activities. When used appropriately, PLM software can enhance an enterprise’s bottom line by delivering a potential 5 to 10 percent revenue uplift as well as considerable savings and productivity improvements in product development activities,