Vehicle electrification is a driving force in the ongoing revolution in the automotive industry and that’s why Electric Vehicle (EV) industry is one of the most exciting, relevant, and necessary areas of innovation today. Designing electric vehicles and its components both fast and profitably, while making them desirable to consumers, is a daunting challenge. Hence EV industry entrepreneur’s needs proven best-in-class solutions that empower automakers and the vehicle electrification supply chain to reduce development time and deliver high-quality solutions, with the ability to adapt to changes easily at every stage of the process.
This is an area where product lifecycle management (PLM) proves incredibly valuable for EV OEMs: By enhancing, mapping, and streamlining the process of product design and creating value for company. This will help EV entrepreneurs to utilize the latest developments in the industry, managing collaborations with OEMs, partners, suppliers, and customers, reducing product development times, and bringing new ideas to market – quickly, efficiently and with minimal resources.
What is a PLM system?
Product lifecycle management (PLM) System is a system or software that manages and integrates all the product data, processes, business systems and, ultimately, people in an extended enterprise to make the best possible use of available resources in a company.
PLM connected with ERP and other business systems makes it possible to follow the lifecycle of each component and product, itself from its birth to retirement. This can be used for smarter decisions, finding root cause of problems, improving efficiencies, faster product development, increasing sales and reducing costs.
Why EV entrepreneurs needs PLM in this pandemic?
What do other big EV companies like Tesla, BMW have in common? The answer is – They have used PLM to speed up their EV innovation from many decades. They have used world class PLM solutions that makes them best in their market segment also to stand out against the competitors. Some of the reasons below how PLM can help you in many ways.
1. Digitalization (PLM 2.0)
As in this pandemic, digitization demands are increasing where all department, stakeholders can communicate with their engineering data remotely without any hassle. PLM ensures all designers, engineers, managers should collate in a way that leads to desired output. By providing all product data in one place PLM forms the foundation for digitization.
2. Change Management
Today’s product demand constant change. Effective change management involves product revisions, redlines, document versions, impact analysis, change orders, and workflow approval processes. PLM has the ability to manage the changes and its effectivity at every stage of the process saving lot of rework and cost of quality.
3. Creative design
EV OEMs expect smart designs with smart use of space, with newer lighter materials. PLM can enable designers to focus on core design job by saving time to input, search and retrieve data from multiple systems.
4. Protecting Engineering IP data
Cyber risks have increased 300 folds in this pandemic. EV component designs are new and potential for making and selling pirate/copy parts is huge. You can loose a lot of money on Spare part sales if your IP data is not protected. Major reason for data theft is not having a proper data management system and using emails to share data. PLM provides an extra layer of safety over IT methods by securing all your design data in one system.
5. Increase in sales
Increase in sales needs more variants and options for customers to choose from. Product configurator can reduce engineering response time to sales and lower configuration costs by standardizing variants. PLM can help reduce product cost, increase quality using same amount of resources.
6. IOT feedback
IOT data is mostly used these days to set alarms for preventive maintenance. But if this data is connected to PLM and proper feedback loop is set to design engineering then it is possible to improve product as well as reduce cost. Valuable life characteristics for design and manufacturing engineers can help them experiment more and trace if their design is working without fear of failure. Reduction in factor of safety is also possible if this data is analyzed over a period saving lot of material costs. IOT data if made integral part of PLM can give benefits which are beyond today’s possibilities and will give you clear edge over your competitor.
7. AI and Data analytics depend on PLM data
Most of the AI algorithms and all data analytics depends on large amount of good quality data and demands data preparation as a pre-requisite. Lack of proper PLM data can make this task nearly impossible. PLM data can be easily processed by any data analytic tools giving valuable insights to business. Expanding data boundaries of PLM to cater to applications where it is needed is easy and controllable. Access control makes these things reliable operations.
What can you do now?
PLM is not costly if you start on a right foot. Take small steps towards PLM rather than big bang implementation, large budget projects. Realise the benefits, verify the ROI and then move forward to next step.
PLM is our core strength with consultants coming from OEM organizations and having deep understanding of PLM and its application. We’re a small and yet a highly skilled team that have made key contributions to over 67 PLM projects worldwide. We provide PLM services in Norway, Sweden, Denmark, Finland, US, UK, Germany and India and looking for more. Get in touch if you are willing to take that small step towards getting ahead of your competitors.