This episode covers two exciting chapters where we delve into the transformational potential of Product Lifecycle Management (PLM). It has the capacity to add significant value to customers and help them achieve their goals, hopes and dreams. PLM is not just about streamlining existing processes to be more efficient but also about fostering innovation. We don’t want to be the most efficient horse buggy cart builder when everyone is buying driverless electric cars. PLM is about using technology to exchange information for wasted time energy and materials for both efficiency and innovation.
Chapter 1 “Virtually Perfect” discusses the fascinating transformation of the definition of “virtually perfect”. Historically it meant “not quite perfect,” but today it signifies “only perfect in the virtual space.” This shift is tied to advances in measurement accuracy and computational power since the 1800s. These advances enable more detailed virtual product definitions, allowing us to “trade atoms for bits.” This concept means creating and testing products virtually before we build them in the real world. By doing this, we save on wasted time, energy, and materials.
Chapter 2 “Virtually Explainable” revisits key elements of PLM from Michael Grieves’ first book with added details. This chapter is invaluable from a strategy perspective. It defines “perceived value” not from the manufacturer’s perspective, but as the value the end user sees in the product. This sets the tone for the rest of the book. It also outlines the key characteristics of PLM, including singularity, correspondence, cohesion, traceability, reflectivity and cued availability. The chapter outlines both internal and external drivers pushing organisations towards investing in PLM, focusing on external drivers: scale, complexity, cycle times, globalisation and regulatory compliance.
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