Sopheon’s Accolade – The Business Layer of Product Lifecycle Management (PLM)
Product Lifecycle Management (PLM) is commonly defined as the process of managing the entire lifecycle of a product from inception through development, manufacturing, service and eventual retirement and disposal. PLM software systems generally start at the product concept stage and focus on the design, engineering, process and product specifications for producing the conceived product.
But in the overall business context, this is not the entire product lifecycle. Many important due diligence considerations and business decisions need to take place at the front end, before you have viable product concepts for development:
- What is your strategic business plan?
- What are your business goals this year, next year, the following year?
- What is your market strategy?
- What products do you have and which will you need to support these strategies and objectives?
- If you need new products, where will the ideas come from and how will you decide which ideas are the right ones?
- What technologies will you need – and when – to support the product plan?
- Do you need to reprioritize current product and project plans?
- And many more…
Then, during the product development stage typically covered by Product Lifecycle Management (PLM) software systems, you will need process governance and project management to coordinate and prioritize all the initiatives in a synchronized portfolio to ensure the right products are brought to market on time and on budget.
And then what happens after the product is developed, manufacturing commences and the product is delivered to customers in the market?
- Is the product meeting your business objectives?
- How do you optimize the value of this product as part of your overall portfolio?
- What competition is the product facing and what countermeasures will you put in place?
- When will the competition commoditize the product and lower margins?
- Are there expansion opportunities in markets, geographies or product line extensions?
- When will the product need a refresh?
- What will you replace this product with when it is retired?
Again, many business decisions and considerations during the post-development, in-market stage for product, brand and portfolio management teams.
It is these areas, questions and decisions that are addressed by Sopheon’s Accolade integrated enterprise innovation performance solution that complement and supplement traditional PLM processes and systems, providing coverage for the entire innovation and new product development (NPD) product lifecycle management.
As depicted on the diagram above, the integrated Accolade Enterprise Innovation Performance solution enables you to make fact-based investment and business decisions throughout the entire innovation and new product development / NPD lifecycle.