Why The Electric Vehicle Industry Need PLM software

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The Electric Vehicle industry is one of the most exciting, relevant, and necessary areas of innovation today. Designing electric vehicles and their components fast and profitably while making them desirable to consumers is daunting. 

Hence the electric vehicle industry entrepreneurs need proven best-in-class PLM solutions. Solutions that empower automakers and the vehicle electrification supply chain to reduce development time and deliver high-quality solutions. With the additional ability to adapt to changes quickly at every stage of the process.

What is PLM?

Product lifecycle management (PLM) is a solution that manages all of the information and processes throughout the life of a product or service in the context of its development, deployment, and use. With interconnectivity between engineering/ R&D, marketing, sales, and support. 

The scope of PLM typically spans the entire product life cycle: from inception or conceptualization to design and creation. This is achieved in collaboration with suppliers and subcontractors (e.g., in design for manufacturing), through production, distribution, and servicing; ending with removal from manufacture when a newer equivalent product replaces it.


Why Do Electric Vehicles Entrepreneurs Need PLM?

Many players in the electric vehicle industry have had great success recently with their work integrating PLM practices into their workflow. One of the key reasons they’ve achieved is customer-centricity which has been strengthened throughout their organization thanks to agile practices. Here are a few examples of innovative processes they’ve been able to implement.

Digitalization

A company dealing with technological products will have to deal with large data to keep the systems running smoothly. Innovation is essential, but reasonable old-fashioned diligence is equally important, especially when making sure information flows seamlessly. 

Product Lifecycle Management (PLM) works as an enabler or catalyst for innovation by providing all product data threads in one place for all team members – executives, engineers, designers, and project managers – to quickly access throughout the life cycle of this data.

Change Management

Today’s products need constant change. Product managers need to know when and how to manage it at every stage so their project will not go over budget or under-deliver in quality. Product managers can help relieve pressure through automated processes that don’t require much effort from their users (designers). Wherever revisions are necessary, use PLM to ensure that they are easy to reflect in each document rather than inputting them manually. By doing so, you will safeguard your brand against rework costs at the source.

Data Protection

As cybercrime has increased exponentially in the past few years, so have the risks associated with every industry. Electric vehicles are no exception. There is potential for unscrupulous individuals to create & sell counterfeit versions of components that could compromise the safety of drivers. 

Furthermore, many car part manufacturers rely on digital documentation to manufacture the necessary details based on specific designs incorporated into their PLM solutions. These systems protect against information leaks and help eliminate time-consuming mistakes. By allowing users to search for an archived file immediately through its unique digital identifier (rather than requiring someone to scour through emails or texts, etc.)

Increased Sales 

Sales are on the rise and we’re scrambling to add options & features to each of our products. Which is causing delays in resolving customer issues. But Product Configurator helps us organize all these different pieces by allowing us to specify common features among multiple products. Additionally centralizing core building blocks like tooling and manufacturing requirements. 

Product Configurator can also help pinpoint problem areas that may be occurring more often than others. This is done by making it easy to see when a particular component might be having problems. PLM gives us access to valuable information through dashboards about product quality, defects, and savings. Further enabling us to both boost sales and lower costs at the same time!

 

AI and Data analytics on PLM data

AI algorithms may depend on a good amount of data, but the lack of proper information can make it nearly impossible to process this data in any meaningful way. PLM data can be quickly processed by an AI tool while also giving valuable insights into business practices. Expanding data boundaries of PLM while maintaining healthy access controls can make these actions much easier and safer to manage overall.


Final Thoughts

With a cloud-based PLM software in place, you can easily manage your product information from beginning to end, from ideation to disposal. It can help you go from a product-centric strategy to a customer-centric approach, so you can better understand your customers, manage their expectations, and deliver a better product.

KloudPLM is dedicated to figuring out gaps in your present systems and procedures and using cloud-based technology and innovation to deliver efficient and intelligent PLM solutions for electric vehicles. Reduce business costs and improve product development efficiency by teaming up with KloudPLM.

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