The COVID-19 pandemic created a big shift in the way businesses are operating across the world. Companies reassessed their overheads, especially manpower costs and recruitment efforts, resulting in layoffs in the majority of the sectors.
On the other end, the present market scenario shows a shortened product lifecycle by 50% and an increased product complexity by 3X. It is because customers demand product variation with a personal touch. As per the latest 2021 Global Managed Services Report, businesses now have to be agile and respond to change quickly.
With less time to focus on product innovation and growth and not enough manpower, companies are forced to revisit their strategies to ensure better competitive preparedness for the future. So what is the answer?
Product Lifecycle Management (PLM)– a technology that connects processes, data, and people right from concept design to the manufacturing stage. But choosing to implement and run a new PLM system in the existing system is a big project which requires time, investment, and the right resource experts. In such a scenario, outsourcing to the PLM experts rather than burdening the in-house teams cut the business costs by 25-45% and increases operational efficiency by 45-65%.
Advantages of Outsourcing PLM in the Present Times
The company can focus on strategy rather than hunting for PLM experts
While global competition has become fierce, the pandemic has challenged everyone and eaten up the reserves that have resulted in losses. Increasing efficiency in the daily workflow while scaling productivity is the main focus of businesses to remain competitive. In such a scenario, an external PLM expert is of great service, who will help you analyze product complexity and provide a well-charted PLM implementation strategy suited to the organization’s needs, overcoming challenges and resulting in an improved ROI.
Outsourcing – the way to bringing expert knowledge from the outside
Pre or Post-Covid, outsourcing always provides an organization easy access to the best minds in the industry. Hiring experts bring better flexibility and agility to work. When hiring an external PLM expert to implement and customize PLM, one can safely say that the external PLM expert will make the project a priority and deliver in the agreed-upon timeframe. That means everyone on your side will stay on schedule too. The outsourcing experts will also help identify gaps in your existing processes and documentation or PLM concept and suggest solutions tailored to your needs. On one hand, PLM implementation and customization is a time-intensive and cost-intensive process, but with the right outsourcing PLM experts, you can cut business costs by 25-45%.
Improving Risk Management
With effective PLM training and issue resolution processes in place, an external PLM expert can ensure immediate assistance and troubleshoot PLM processes, handling and fixing bugs during a crisis. Also, if businesses are launching a new product, design, development, quality check of new offerings can be overwhelming. An outsourced team can identify these increased demands and set up transparent new product introduction/development (NPI/NPD) management services that ensure the right process mapping and analysis, eliminating risks, reporting improvements, and successful completion of projects.
Flexibility to ramp up and down
The current COVID-19 crisis created an initial slowing down of projects, which opened up the talent market to smart and experienced PLM experts available at affordable rates. Businesses can resort to this existing talent pool and ramp up their teams. A PLM outsourcing model helps in controlling costs by eliminating the need to hire or train new employees and increase occupancy costs and investment in office space and equipment.
Access to the latest technological trends
One needs to know the latest technologies to fulfill unique requirements that arise over time. Outsourcing to a PLM expert will help you get easy access to their knowledge and tools. A technology-driven business is more responsive to the latest technology trends. Tie up with the outsourcing PLM experts will help get access to new technologies at a reduced cost. For example, adopting a digital twin technology with a PLM solution can help validate product performance across the product lifecycle.
Many companies have their team but lack the latest updates and technology trends. We, at PLM Nordic, are a dynamic and growing team, committed to identifying gaps in your existing systems and processes and use technology and innovation to provide smart and intelligent PLM solutions. We offer Scandinavian quality and expertise gained from working with different customers on diverse projects. So, do let us know if you are looking for skilled contract resources. You can contact us at firstname.lastname@example.org or visit us at www.plmnordic.com.