This white paper discusses the need and role of PLM to address product development challenges and the imperative to think beyond PLM to connect the entire value network to foster innovation and achieve business objectives.
Over the past several years, the emergence of both private label brands that deliver products at a much lower price point and smaller “challenger” brands taking more market share is upsetting the balance of power in the Consumer Packaged Goods (CPG) industry and contributing to the single digit growth of the larger, more established players. As a result, investors and stock holders who invest in these companies are pressuring them to continue to deliver profit in this low-growth environment. If CPG companies are unable to increase their growth enough to provide more profit, they must seek other ways to satisfy their investors, either by bringing new more profitable innovations to market faster or by reducing their internal costs through leaner organizations. They must become more flexible and nimble than they have ever been before to successfully beat their competition with new product launches that respond to consumer tastes and preferences which can change from region to region. Some industry players are looking to digitally transform their businesses and to leverage technology to improve collaboration to boost innovation and expose potential bottlenecks. To extend the innovation ecosystem, PLM alone is no longer sufficient to bring people together and to satisfy the demands of this increasingly complex business environment.
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