PLM Trends to Embrace in 2024!
As 2024 unfolds, the process of launching new products and bringing innovative new products to the market - especially in sectors like medical devices, life sciences, and manufacturing - is expected to go through a few key changes – driven by technological advancements and evolving market demands.
From a technological perspective, what can we look forward to?
The first trend is obvious: 2024 is going to be the year of Generative AI or GenAI! We’re going to see AL/ML-powered automation across the product lifecycle. Can we expect GenAI-powered “intelligent recommendations and suggestions” to mitigate product risk? What about using the power of GenAI to deliver real-time quality training that is personalized? A few years back, these would be impossible but with the progress made with LLM models, these are not too far away.
The second one, we believe, will be data democratization.
What is data democratization? Formally, data democratization is the process of making digital data accessible to the average non-technical user of information systems, without requiring them to have specialized training in data analysis or data science.
Essentially, this means that various people across the product lifecycle - from designers and suppliers to manufacturing, operations, and customer-facing professionals - will not only have access to data but also can use data to make informed decisions, without having specific analytics or data science capabilities.
From a market demand perspective, we believe that there will be four defining shifts in 2024
- One, integrated risk management across the product lifecycle will become the norm
- Two, the flow of data and information across departments will become more orchestrated and coordinated
- Three, quality management will be embedded in the PLM workflow. Too many new products fail because quality happens in a silo, and this is expected to change in 2024
- Four, automated design controls will become the norm. Full compliance and comprehensive documentation will be at the core of the new product introduction process. It’ll, therefore, be necessary that your quality and engineering teams stay in sync with a single source of truth for all your product design activities
In this blog, we’ve put together a list of Top 10 trends to watch out for.
AI will suggest “next best actions” and enable quicker decision-making
The integration of AI and ML in PLM is revolutionizing how data is analyzed and decisions are made. These technologies enable predictive maintenance, enhancing product design through simulation and analysis, and automating routine tasks to increase efficiency.
The better the product risk process, the greater the success at the launch
Risk management in PLM will become more sophisticated, focusing on proactive risk identification and mitigation throughout the product lifecycle. This approach is crucial for ensuring product safety, meeting regulatory requirements, and maintaining brand integrity.
Sophisticated design controls will become critical
Advanced design controls are now integral to PLM, facilitating compliance with industry standards and improving product quality. These controls help in managing design changes effectively, ensuring traceability and reducing time to market.
QMS effectiveness will have a direct impact on product success
The integration of Quality Management Systems within PLM is critical to enhance the overall product quality. This holistic approach ensures consistent quality checks, and compliance with global standards, and facilitates continuous improvement processes.
Sustainability can become a differentiating factor
ustainability is becoming a core component of new product introductions/innovation. Environment-friendly design and manufacturing practices are being prioritized to meet environmental standards and consumer expectations, focusing on reducing carbon footprint and promoting recyclable materials.
Product data will no longer be in a separate silo
The adoption of cloud-based PLM software that is scalable and flexible will make collaboration and data sharing easier. Cloud-based PLM systems offer the advantage of real-time data access, lower maintenance costs, and enhanced security features. It’ll also seamlessly integrate with other business systems to ensure smooth data flow across the lifecycle. Product data will be accessible and used for analytics across the lifecycle, and will no longer reside in a silo.
Anytime, anywhere ‘governed’ access to product data, risk data, and design data
Modern PLM software will enable all stakeholders to access information and collaborate from anywhere, at any time. This trend will improve decision-making speed and efficiency, particularly important for teams that are geographically dispersed.
Compliance with global standards will become easier
Adhering to international regulatory standards is increasingly important, especially in regulated industries like medical devices. This trend involves ensuring products meet diverse regulatory requirements across different markets, which is essential for global business operations.
IoT and ‘Smart’ technology integration will see more adoption
The integration of IoT and smart technologies in the product lifecycle is transforming product monitoring and management. This enables real-time data collection from products, leading to more informed decisions regarding equipment maintenance, design updates, change orders, and new expectations from customers.
There’s always room for better User Experience (UX)
Emphasis on customization and user experience in PLM software is growing. User-friendly interfaces and customizable features are making PLM tools more accessible to all users, regardless of their technical background, enhancing collaboration and efficiency.
These trends reflect a shift towards more integrated, intelligent, and user-centric approaches in managing the entire product lifecycle.
If you’d like to learn more about ComplianceQuest’s PLM Solution, visit: https://www.compliancequest.com/product-lifecycle-management-plm/
