In the manufacturing environment, Product Development Lifecycle creates a lot of data that can be leveraged optimally by building analytics to gain key competitive advantage. Compared to the use of analytics to drive overall operational efficiencies, only a small percentage of engineering industry today have started unleashing the value of analytics in PLM, specifically in the product design and development efforts. Access to Analytics on PLM Data allows businesses to visualize patterns and take timely corrective actions. Predictive Analytics can help reduce failure of parts or components, alert manufacturers to the presence of any potentially hazardous materials, restricted substances, or conflict minerals across the supply chain to enable safer alternatives to be selected early in the design phase. Using Analytics for PLM data in conjunction with other data sources like ERP, Product compliance and SCM, industries can monitor KPIs like efficiency or productivity of a business processes, On-Time Delivery etc. PLM Analytics helps drive the businesses to produce high Quality, Compliant products and reduce wastage thereby maximizing revenue and Return on Investment (ROI) from your PLM system.The panelists in this session shared their thoughts on all the point outlined above.
