Too often, the commercialization team is the last to know vital product information that the product team is developing in real time. The job of a Product Value Management (PVM) platform is to create a seamless, collaborative connection between these teams.
The tighter the connection, the greater the ability to remove blindspots that create drag on time to market, customer satisfaction and profitability. Removing these blindspots across the entire value chain is another benefit of PVM.
A few ways a single-platform PVM solution can eliminate your blindspots:
1. Improving quality during product design and development.
When product teams have access to all quality history, they can more easily identify which products, subassemblies, or individual suppliers have quality problems—and they can identify them earlier in the design process. This is a huge advantage for companies where speed to market is key. Plus, improving a product’s quality during the design process results in lower warranty costs and greater customer satisfaction.
2. Faster root-cause analysis of problems.
When quality problems arise, they can be investigated and addressed faster when quality and product teams collaborate. The ability to search where a particular component is used in any product across the company provides quality teams with the information they need in seconds. Quality and product teams can then easily collaborate to fix the issue, update product information, and communicate changes to the field.
3. Sustainability, supply chain, and audits linked to specific products.
Tracking ESG (environmental, social, and governance) information back to the original supplier is becoming increasingly important as more and more customers demand ESG impact commitments from the companies they buy from. But it can be difficult to search for this type of information even when audited, not to mention having it on hand in the everyday product record. The PVM approach is to integrate ESG information directly with all product information so they are one and the same, removing the need for costly search missions when audits take place.
4. Full coordination with commercial teams.
Have a quality issue that could result in a costly recall or merchandise return? How about a supply chain interruption that will push back product delivery dates? By linking commercial and product teams, PVM enables automated workflows to help minimize the impact. Delays are automatically communicated to customer-facing teams so they can inform customers of the new dates as soon as possible. Shipments are automatically put on hold if they contain a subassembly or component with a quality issue identified in a completely different product.
PVM brings commercial and product teams together on the Salesforce platform to grow revenue, improve quality, decrease costs, and strengthen customer loyalty. PVM is ideal for product companies in high tech, medtech and consumer goods industries looking to speed innovation and go to market cycles by allowing teams to work in parallel and tighten up traditionally siloed business processes. To learn more about Product Value Management, visit https://www.propelsoftware.com/products/pvm.