5 min read

5 Reasons To Consider Product Life Cycle Management For Your Fashion Business

We wake up every day finding a new change in terms of technology, designs, fashions and the general way of life. People want to be associated with new things and even for the business industry, customers prefer to taste new and unique commodities.

The fashion design of the current generation reflects the operational nature of the modern industries and how the remaining outdated industries should adapt the current system according to the prevailing market demands. Creativity is to discover a question that has never been asked. If one brings up an idiosyncratic question, the answer he gives will necessarily be unique as well.

The adoption of modern policies and strategies by various business industries has enhanced the development and growth of the business. For a fashion industry business, one of the strategies that can be possibly applied is the use of a product life cycle management(PLM) system approach to evaluating the achievement and success of the business.

This approach monitors the handling of goods in different stages of growth right from the production level and how it expands until it reaches a maturity stage where the product is widely known in the market. A level where the business does not fear competition anymore no matter how stiff the competition is. For the fashion industry, the use of PLM can be considered a better strategy to put in place. Here are some of the few reasons as to why product life circle management is the best for your apparel and fashion industry business.

1

Growth Stimulation

The expansion of the fashion industry business can sometimes be a challenge to the entire organization. Through frequent demands and supplies in the market, the pressure may be too high for the business to handle at the same time thus slowing down the operations of the business hence need to come up with a system that ensures smooth running of the entire business.

Business growth can be measured in terms of the number of branches it operates, the number of products in the market and preferably the profit margin. There is a need for a technological approach in dealing with apparel and fashion industries to reduce the cost of production and labor expenses. The use of the PLM system is effective in this fashion business due to its ability to minimize expenses.

The system utilizes the available resources in the industry and effectively manages the supply chain in the market. The process of monitoring is done technologically and very few personnel are required thus reducing the cost of labor.

2

Integration of Data

Sometimes an organization may experience errors because of different information being stored by different branches of the industry. An organization with reliable data is more effective and transparent. The use of the PLM system ensures all the data from various brands of products, categories, and prevailing market demands are centralized for easy accessibility.

The data can be managed properly and updated frequently depending on the market changes thus the information delivered outside is more reliable and up to date. Integrating data also gives employees a chance of being innovative and develop creativity among themselves and through this, the organization can focus on more effective operations.

3

Pressure On The Go-To-Market Schedule

Every individual in an organization is involved either directly or indirectly in the supply of the products to the market because of the current market demands and preferences of the customers.

There is an overload in the chain of supply from the designers to various levels of chain supply and final consumer in the market. This distribution process consumes time and puts an organization into unnecessary pressure. For the fashion industry, their timelines are now standardized across the entire business due to tight target times. Customers expect to view goods quickly and at the same time buy it.

The use of the PLM system in your apparel and fashion industry is cheaper and efficient in terms of time. Instead of using endless emails, excel spreadsheets and phone calls, the PLM system enhances visibility and transparency in examining the timelines that enable the individual to make a target cut. Generally, PLM will determine how fast you will obtain the product at a minimal cost.

4

Safety and Compliance

The security of the product and the product complies with the economic policies are very important in the entire business and especially for various brands and general retailers. This factor applies to products consumed by children or those that require protection. The PLM system can assist in tracking compliance in different areas and also facilitate storage of supplier certification of the industry to date.

With an effective product and library in PLM in place, any change in market policies will not affect the operations of the business. It makes it easier to point out the specific products that need to be re-tested, expiry reminders also are updated and general maintenance of the products. The use of PLM can also assist in tracking product research and the establishment of new commodities for tax credits depending on the region.

5

Operations and Decision Making are Faster

Coordinating an organization's activity is not slowed down by the operations of the business processes. Modern PLM systems allow you to keep everyone on the same page, giving the access only to the information the need to see. For example, when need a quote from different manufacturers, they do not see each other's information. So you'll have the possibility to make correct purchasing decision.

With the use of PLM, you can come up with different information and reports from the central database depending on the current needs. They can be sent to suppliers and departments which ensures that there is a consistent flow of information. Product life cycle management is an essential tool in achieving the objectives and goals of your fashion business. Generally, the approach is transparent and efficient in running the activities of the organization.