PLM Trends to Embrace in 2024!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.