Product Lifecycle Management’s Transformation into an Innovation Platform

The platformization of product lifecycle management evolved out of a need for innovation throughout the product lifecycle

Ann Arbor, Mich.Dec. 12 2014CIMdata, Inc., a global product lifecycle management (PLM) strategic management consulting and research firm, announced the publication of a new position paper detailing how the platformization of PLM is morphing into new ways of going about the business of innovation.

How and Why PLM Is Being Transformed into a Product-Oriented Innovation Platform” explores in detail how, due to its ongoing evolution as a business strategy, PLM is fast approaching and, in some cases, achieving the status of a business platform. PLM-as-a-platform, or the platformization of PLM, evolved out of the need for innovation throughout the product lifecycle.

This paper, the first in a series of three CIMdata position papers on this topic, considers the major drivers for higher levels of innovation—the circular economy, including the concept of servitization and globalization. The need for innovation is greater now than ever, and the implications for developing new products and managing their lifecycles are endless. The combination of scarce resources and globalization is driving an upheaval in innovation and lifecycle management.

According to Peter Bilello, CIMdata’s president, “Innovation is more than ever key to enterprise sustainability; solution providers are building their PLM platform business models around that insight. No enterprise can afford to miss out on the competitive advantages that are presented with the implementation and proper use of a product innovation platform. What we are doing today will not cut it tomorrow. This applies equally to product development and PLM implementations.”

The next paper in this series will look at platform support for ideation, which is the intellectual process of creating new products that are globally competitive and sustain the enterprise through end-to-end lifecycle management, including information governance.

“How and Why PLM Is Being Transformed Into a Product-Oriented Innovation Platform” is freely available for download from CIMdata’s website.

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