Retail is an extremely time-sensitive, dynamically changing form of business with companies trying to enhance and streamline their processes. One of the best ways for a retail business to achieve these goals today is by implementing a product lifecycle management (PLM) system. A PLM system helps retail businesses manage the whole lifecycle of the product, right from the concept through disposal, integrating people, data, processes, and business systems. 

PLM systems are increasingly being embraced in businesses worldwide, and the global PLM market will experience gigantic growth and reach around $54.36 billion by 2030, expanding at a CAGR of 9.2% from 2023. 

Below are the major steps that you must undertake in implementing a PLM for your retail business that will ensure you are well prepared to be part of this trend that keeps on expanding.

Evaluating Business Needs and Selecting the Right PLM Solution

When implementing a PLM system in retail, it should first start with an assessment of your business requirements. Review and analyze your existing processes that may indicate the need for certain improvements. Identify gaps in product development, collaboration challenges, and inefficiencies in operations. This evaluation will help you pinpoint the necessary features for your PLM system.

For instance, in the fashion industry, especially for businesses that function as both manufacturers and retailers, opting for apparel ERP software with integrated PLM features can be a strategic choice. This kind of ERP software is specifically tailored to the unique needs of the fashion sector, adeptly handling the variety of sizes, colors, styles, and intricate details of the supply chain.

When you select apparel ERP software with built-in PLM capabilities, you’re choosing a streamlined approach. This integration is particularly beneficial for manufacturers in the fashion industry, as it simplifies processes and enhances efficiency. The integrated PLM features in your ERP software will support better product lifecycle management, from design to distribution, all within a single platform.

Planning for Implementation

To lead to a successful PLM rollout, you need to have an effective plan of implementation. In this regard, the plan should show clear timelines as well as milestones. In process planning, incorporate stakeholders from all departments of the organization, which can give you a fuller approach that ensures every need within the system is satisfied. 

Furthermore, there must be proper resourcing by directing enough finances and personnel towards the phases of implementation. This involves the identification of possible risks and defining mitigation plans during the planning process. Regular communication with all stakeholders during implementation should be maintained. This will ensure that there are no activities that go against the goals of the business.

Training and Change Management

Training your employees on how to use the new PLM system is crucial. When implementing a new system, adaptation to change becomes a necessity. Equally important is to show the human side of managing change to keep the span of resistance low and ensure a smooth transition. 

The training should be department-specific as well as role-based since both may have certain ways of using the PLM system differently. Engaging change champions within the organization can help drive the adoption process more effectively. In addition, continuous support should be given and resources provided for ongoing use. Also, any questions or problems the employees might have in getting accustomed to the new system should be swiftly addressed.

Evaluation and Enhancement

Once your PLM system is up and running, it becomes imperative to review its performance from time to time. Feedback should be sought from the users and measures should be taken to ensure consistent upgrades and updates to the system. This periodic evaluation helps tune the PLM system as per transforming business needs and developments in technology. 

Deciding based on objective data could be made possible by setting up key performance indicators (KPIs) that would measure the efficiency of the PLM system. It is also very important to stay well-informed about the latest trends and technologies available in PLM to ensure your system remains updated. Consider establishing a dedicated team to manage the continuous improvement process to ensure that your PLM system continues to grow and evolve in sync with certain strategic goals of your business.

Data Migration and Integration

Migrating existing data into your new PLM system requires a strategic approach to ensure data integrity and compatibility. Additionally, integrating the PLM system with other business systems is crucial for seamless operation and data consistency across different departments.

Conclusion

So, implementing a PLM system in your retail business is not just about technology; it’s all about a change in the way you manage product life cycles to better efficiency and collaboration. Given the global expansion of the PLM market and the increasing recognition of its benefits, it is time to consider how a PLM system would contribute to the growth and success of your retail business.