Product Lifecycle Management Platform is Essential for Lifestyle Brands

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The Lifestyle Industry has expanded, matured, and evolved as a vital contributor to the global economy since it began mass manufacture of clothes in the mid-nineteenth century. In 2019, this industry earned $2.5 trillion in worldwide sales. To put it in context, France has a GDP of $2.6 trillion, making it the world’s seventh-largest economy. However, despite being one of the most important industries, it has been a late embrace of technology and digitalization. Especially with implementing a product lifecycle management platform.

Leading lifestyle companies worldwide have begun to rethink how they work in order to increase visibility and information flow throughout their organizations and supply chains. A Product Lifecycle Management (PLM) system is an important first step in this direction. PLM is developing with the goal of accelerating product development, lowering costs, and improving market response. 

Why should lifestyle brands use a Product Lifecycle Management Platform?

As a company, you want to be able to:

  •  Organize product information in one place.

  • Keep your teams informed about any product updates in real-time.

  • Reduce the time it takes to get a product to market.

  • Decrease the cost of product development

  • Reduce the number of samples and iterations of samples.

  • Increase the percentage of deliveries that arrive on time

  • Improve the product’s quality

  •  Ensure that the supply chain is transparent.

  • Encourage ethical sourcing.

Also, PLM improves team efficiency, allowing businesses to accomplish more with less. 

 

Here are a few reasons to select a PLM that meets your demands:-

The go-to-market calendar is always under pressure

 

From designers to merchandising planners, everyone in your company who is engaged in delivering a product to market on time is under a lot of strain. Consumers want to be able to ‘see now, purchase now,’ especially online. And fast fashion timetables are now normal across the industry. Additionally, target timeframes are extremely tight, and customers expect to be able to buy instantly. PLM gives openness and visibility, allowing for the examination of timetables and targeted cost reductions to increase efficiency.

 

Targets and Collection Strategy

Seasonal collections in the lifestyle industry begin with a strategy and goals. Businesses must establish collection goals to serve as a guide for the design, merchandising, and purchasing teams. Calculating the number of styles to be developed, the number of new designs vs. carryovers, the number of color combinations, the quantities, the pricing, the margins, and so on. A PLM system may assist you in defining this strategy, and disseminating it to other departments. It would also aid in establishing a transparent and collaborative product development chain.

 

Accounting and Pricing

Lifestyle brands must be able to estimate a complete collection fast and correctly, as well as specify the purchasing and landing costs of each item. Margin and selling prices must be defined across geographic marketplaces, currencies, and sales channels (online vs. wholesale).

Many fashion firms still use manual spreadsheets with numerous columns that are difficult to understand for costing. This is inefficient and error-prone, frequently resulting in computation and margin errors. Thus, pre-configured rules and values are provided by lifestyle PLM systems, ensuring that costing is precise and that certain personnel only have access to the cost components they require. 

 

Collaboration between Procurement and Suppliers

Figuring out how much of each thing to buy is part of the lifestyle buying process. Multiple aspects, such as budget, projected sales, vendor capability, vendor capacity, sustainability, quality, and customer expectations, must all be considered. It’s a delicate balancing act that must be accomplished far ahead of time in order to allow for manufacturing and distribution. Without PLM, manually defining quantities (styles, colors), vetting suppliers, checking compliance records, pricing, and delivery agreements, and so on takes a long time.

Therefore, by centralizing procurement and purchase order processing and enabling simple online engagement with suppliers, a fashion PLM optimizes buying and vendor management. This gives you more visibility into purchase orders, shipping tracking, and quality standards, ensuring that your purchases are correct and timely.

 

Monitoring and Reviewing

Personalized dashboards, warnings, and time and action monitoring are all essential for making the product development process more efficient. A powerful PLM for the garment industry combines your departments and delivers simple KPIs that allow you to make rapid choices. This implies that teams aren’t wasting time manually compiling reports for meetings only to review the condition of a collection or a single product. Custom dashboards guarantee that all stakeholders can see the product data they need right away (i.e. senior management, product managers, procurement team, etc.)

 

Management of specimens and permissions

Sampling is an important part of the pre-production process that involves a variety of stakeholders, including manufacturers, designers, and developers. Before a sample is accepted and the product can go into production, it generally goes through several revisions. This necessitates a continuous flow of information from design teams to developers and vendors, who are typically spread across many time zones. PLM provides a platform for all of these stakeholders to cooperate, lowering the cost and time it takes to get samples right, as well as the number of samples necessary.

 

Conclusion

Whether you own or work for a Lifestyle brand, a product lifecycle management platform may make your life simpler. It’s no longer a “nice to have,” but rather a necessary tool. That every lifestyle company must employ in order to compete in today’s market. PLM software for the Lifestyle industry enhances quality, reduces time to market, and gives visibility throughout the product development process.

Subsequently, consider switching to KloudPLM if you want to enhance the way you design, develop, or create products. KloudPLM is a cloud-based product lifecycle management (PLM) and enterprise resource planning (ERP) solution for the lifestyle and consumer products industries. To discover more about how PLM applications may help your Lifestyle business thrive, contact KloudPLM. Now is the time to schedule a demo.

 

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