PLM Statistics


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Steve Goldstein
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Plm Statistics 2023: Facts about Plm outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Plm, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Plm Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

On this page, you’ll learn about the following:

Top Plm Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 10 Plm Statistics on this page 🙂

Plm “Latest” Statistics

  • Even though aerospace, automotive, high-tech, and industrial equipment still make up about 80% of the market, other industries, like retail and consumer goods, can benefit from using a lifecycle approach to product management.[1]
  • According to Quadrant, the PLM industry accounts for 3.1% of the market and is anticipated to expand by approximately 7% annually.[1]
  • The following statistic was revealed by research that was carried out by the Tufts Center for Drug Development and was last updated in 2016. It costs an average of $2,6 billion to bring a new drug to market.[1]
  • The following statistic was revealed by research conducted by the Tufts Center for Drug Development and last updated in 2016: only 12% of new drugs make it through clinical trials.[1]
  • A survey by Jos Voskuil found that 35% of respondents did not have PLM as their primary job objective, while 65% of respondents were PLM consultants.[2]
  • The majority of PLM consultants (30%) either work for a service company that implements multiple PLM solutions or for a software vendor (43%).[2]
  • There are still a lot of PLM consultants with a focus on business strategy (20%) and change management (8%) as their specialties.[2]
  • 86 percent of respondents said that PLM is a journey, while 3 percent said that it should be considered a program.[2]
  • More than 60% of respondents have worked in PLM consulting for more than 8 years.[2]
  • Only 14% of respondents have less than three years of PLM experience.[2]

Also Read

How Useful is PLM

First and foremost, PLM streamlines the product development process by enabling collaboration between various departments such as engineering, marketing, and manufacturing. By creating a centralized platform for storing, sharing, and updating product data, PLM ensures that everyone is working off the same page, resulting in faster development cycles and reduced errors. This increased coordination also helps companies bring products to market quicker, allowing them to capitalize on market trends and stay ahead of the competition.

Furthermore, PLM improves product quality by incorporating feedback from all stakeholders throughout the development process. By capturing data on how products are performing in the market, companies can make informed decisions on product improvements and updates. This feedback loop not only enhances the quality of the end product but also fosters a culture of continuous improvement within the organization.

On the operational side, PLM helps businesses optimize their supply chain management by providing accurate and real-time data on product specifications, supplier relationships, and production schedules. By having a comprehensive view of the supply chain, companies can identify bottlenecks and inefficiencies, enabling them to make strategic decisions that reduce costs and improve overall performance.

Moreover, PLM aids in regulatory compliance by ensuring that products meet industry standards and government regulations. By centralizing product information and documentation, companies can quickly generate reports and certifications to demonstrate compliance with various requirements. This not only mitigates legal risks but also enhances customer trust and confidence in the brand.

Additionally, PLM enables companies to manage product variants and customization effectively. By creating a modular approach to product design, companies can easily configure and assemble products to meet specific customer needs. This flexibility allows businesses to cater to niche markets and offer personalized solutions without complicating their production processes.

Lastly, PLM facilitates product retirement and end-of-life management by providing processes for product traceability, disassembly, and disposal. By tracking the lifecycle of a product from cradle to grave, companies can ensure that it adheres to environmental regulations and sustainability goals. This responsible approach to product lifecycle management not only benefits the environment but also enhances brand reputation and customer loyalty.

In conclusion, the usefulness of PLM cannot be understated in today’s fast-paced and competitive business environment. By facilitating collaboration, improving quality, optimizing operations, ensuring compliance, enabling customization, and promoting sustainability, PLM serves as a critical tool for companies looking to stay agile, innovative, and successful in the market. As technology continues to evolve, so too will the capabilities of PLM, making it an indispensable asset for businesses looking to thrive in the digital age.

Reference

  1. openlm – https://openlm.com/blog/benefiting-from-plm-in-the-pharmaceutical-industry/
  2. virtualdutchman – https://virtualdutchman.com/2013/07/06/plm-statisticsthe-result/

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