On December 15, 2022, the leading PLM strategic consultant group CIMdata published a commentary on the revolutionary new approach to product life cycle strategy known as product value management (PVM).
In particular, the report covers how PVM elevates a company’s ability to weather disruption by bringing the customer (and therefore revenue) to the center of every step along the value chain.
Read an excerpt:
“Global markets are being disrupted from multiple directions, making it harder for brand owners to find and communicate the value of their products. Technology is creating opportunities for product evolution at an increasing rate, driven by rapid developments in microelectronics, wireless communications, new materials, and other factors. But technology is not the only thing that is disrupting brand owners and their products:
Socio-economic issues such as the impact of the global pandemic and inflation are severely impacting economic activity and global supply chains.
Geo-political events such as the war in Ukraine, tensions with China, and climate change are having unpredictable impacts on global trade.
Despite all of this, one fundamental truth still applies—to be successful, products must engage a segment of the market and improve upon the status quo. Identifying and locking in the value is critical and needs to be clearly and accurately communicated through the lifecycle of the product. It’s the reason customers will buy and hence it creates demand. Driving and managing demand allows businesses to adjust production to the required level and achieve profitability.
Quick and easy access to accurate information and continuous collaboration across cross-functional teams is necessary to maintain this communication. However, many factors must combine to make this value communication work effectively and efficiently, and the process can be easily disrupted leading to sub-optimal market performance.
Propel Software Solutions (Propel) has recently launched its product value management (PVM) platform to help companies create and capture maximum value from product operations. The platform brings product teams (development, quality, production, and supply chain) and commercial teams (marketing/sales and service) together with the promise to expand revenue growth, improve quality, decrease costs, and increase customer satisfaction. According to Propel, while legacy solutions address historical business challenges, its PVM platform enables collaboration across the whole product lifecycle, prioritizing today’s customer and market trends. Propel is focusing its solution on meeting the needs of brand owners of sophisticated products and services.”
Click here to read CIMdata’s full report, “Product Value Management in the Age of Disruption.”
For more on this topic, watch our Converged Live webinar featuring CIMdata’s president and CEO Peter Bilello.