PLM Software: A Buyer’s Guide

Whitepaper | January, 2024

Accelerating product development, introducing innovative products, reducing the cost of development, and ensuring compliance are becoming compelling reasons for manufacturers to opt for Product Lifecycle Management (PLM) Software. The digital solutions improve the visibility into and automation of workflows to meet their growth and compliance objectives. Access to data and insights to reduce nonconformance, wastage, and scraping has also become important, further boosting the demand.

The PLM software market is expected to grow at a CAGR of 7.32% from USD 27.02 billion in 2023 to USD 38.47 billion by 2028 as a result. However, while this growth is a good indicator of the increasing demand, what it hides are the challenges users face in choosing the right PLM software and implementing it correctly to achieve the desired outcomes.

In this Buyer’s Guide, we highlight the role of choosing the right PLM software by asking the right set of questions at the early stage.

Key Takeaways:

  • The 4 pillars of effective PLM software: people, processes, technology, and data
  • Common pitfalls to avoid when implementing PLM software
  • 6 critical questions to ask PLM vendors before buying
  • Case study: How a medical device company overcame PLM implementation challenges
  • Connecting quality and compliance processes through PLM
  • Ensuring security, scalability, and integration with a cloud-based PLM

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