High Tech Industries must balance the competing challenges of price pressures, design complexities, and technological change while delivering products that are innovative, timely, and cost competitive. So they need software provides that helps them to unified, scalable platform to support collaborative processes across the product lifecycle, accelerating time to market while reducing costs.
In addition to time-to-market, innovation, and cost management pressures, high tech companies face many external market challenges. Few challenges I would like to point are –
High tech Industries must manage ongoing price pressure, design complexity, evolving regulatory requirements, and technological evolution on an ongoing basis with both a long-term and short-term view of market demand and their competitive positioning. Rising supply chain instability, both on the supply and the demand side, makes it even more difficult for manufacturers to plan, produce, and deliver timely products — and for public companies, missing a delivery data or taking a quarterly earnings hit to ensure delivery can have serious repercussions for stock values.
Reductions in barriers to free trade and the economic advantages of producing components in countries with lower labor costs means manufacturers must effectively manage communication, collaboration, and negotiations about complex products and components across multiple countries, time zones, and languages. As the cost differential diminishes between manufacturers understanding resources and managing communications will become even more important.
Technology Disruptive innovations are constantly threatening market leaders by creating new markets that make existing technology obsolete or by displacing market leaders through performance improvements. Manufacturers must manage research and development investments to optimize innovation and time to market while keeping existing products price and feature competitive
- Sustainability/ Federal Policies and Strategies
Governmental regulations and various federal and state laws in the United States have made high tech manufacturers increasingly responsible for the disposal or recycling of their products at the end of life. To cost-effectively comply with these requirements, manufacturers must design, engineer, and source products with a vision of how they will be disassembled and recycled. They must also meet demands like traceability and lead-free manufacturing, and automate the delivery of as-built information back to enterprise systems.
The most successful high tech companies seek to automate and streamline product development and collaboration across the product lifecycle management solutions from design to manufacture to end of life.
PROLIM PLM software enables high tech manufacturers to manage these challenges and improve the efficiency of their product lifecycle management practices. PROLIM product lifecycle management (PLM) software includes the Teamcenter platform for end-to-end collaborative PLM, computer-aided design, manufacturing, and engineering applications. For the high tech industries, PROLIM provides three customized solutions such as –
- Strategic Product Plan
- Virtual Product Development
- Environmental Solutions
Key benefits companies achieve from the PLM solution include:
- Reduced cost of goods sold
- Increased productivity
- Accelerated innovation
- Optimized return on research and development
- Improved supply chain collaboration and resource optimization
- Reduced cost of regulatory compliance
The most successful high tech manufacturers have a unified view of the entire product development lifecycle from research and development to idea generation to design and engineering and, finally, to end of life of the product. An integrated PLM environment can support this end-to-end view of the product while supporting the tactical requirements of tracking and managing resource allocations, sourcing and spending, and collaboration across a global supply chain. Companies considering an investment in PROLIM PLM will maximize ROI by taking advantage of the investments that has made in an end-to-end PLM solution that supports the specific needs and requirements of their industry.
So what’s your thought on best practices to fine tune and leverage greater cost savings and ongoing incremental return on investment for High Tech?