How to Boost Revenue and Retain Customers With PLM
At a premium price, there are many popular sales tools available for retail companies looking to digitally transform their business. The apparel industry is undergoing a significant shift—from traditional to digital manufacturing, wherein automation reigns supreme. In order to automate the different processes of digital manufacturing—ideation, design, planning, and execution—an efficient PLM software is required.
The Swiss Army Knife Of Digital Manufacturing
PLM (Product Lifecycle Management) software is the tool that manages and streamlines the entire lifecycle of a product. Another pivotal benefit of an apparel PLM software is that it brings all the stakeholders involved in product development on the same page regarding the product’s vision and strategic goals. It is an all-encompassing tool with which brands can handle crucial aspects of their business, from boosting revenue to retaining customers.
Here are five ways by which a PLM software solution helps improve sales, cut costs, and retain customers.
1. Improves Product Quality
Using an apparel PLM software allows you to incorporate quality assurance checks into the process of product development. These checks enable you to spot flaws and weed out sub-par apparels, rather than finding the defects after the products hit the market. The software also allows you to install quality checks at regular intervals along the entire chain of the production process. Only a product that passes a quality check will be allowed to move forward, thereby ensuring quality consistency.
2. Cost Reduction
PLM can help you cut down on operational costs by improving efficiency, streamlining the process, reducing wastage and errors, and elevating the overall productivity. There are many avenues in the product development process where money can be saved; an efficient apparel PLM software figures out all these specific loopholes and plugs them.
Here are a few examples where PLM helps in cutting cost:
- PLM created tech packs reduce errors,
- Helps avoid over-ordering of materials, and
- Intelligent logistical strategies save last-minute costs.
3. Cuts Down on Design Time
A PLM software can significantly minimize the time required by designers to create new designs with the help of automation. The entire design team can have access to the software and can be on the same page regarding the design direction that has to be followed. The designing software can be integrated with the PLM software for a seamless workflow. Designers can work on the design even from remote locations as all the crucial information will be centralized.
Any new ideas, data, or feedback can be worked upon in real-time. Even the representative from the client company can have access to the PLM for feedback sharing purposes to avoid any last-minute confusion and modifications. PLMs can also be used to create tech packs for the benefit of the manufacturing team, to reduce errors, helps prevent over-ordering of materials, and intelligent logistical strategies save last-minute costs.
4. Direct On-the-Spot Sales and Upselling
A versatile PLM software has various modules that are specifically designed to address multiple aspects of the entire product development process, from merchandise planning to final inspection. Some of these modules allow your sales team to reach out to your customers with customizable digital catalogs instead of old print catalogs.
These digital catalogs can be customized for a specific customer, showing him/her relevant products and hiding products that are unavailable in that particular region, thereby avoid displeasing your customer. These catalogs can also be used to offer customized offers to specific potential customers to finally reel them in and even upsell them.
Some of these sales-centric modules can be coupled with mobile and tablet apps that allow taking orders online and offline. These apps help convert potential customers into customers by making their orders on the spot.
5. Fosters Customer Loyalty
PLM software allows you to improve your products based on customer feedback and concerns continuously. These valuable insights can be incorporated into the PLM framework, thereby coming up with innovative products that are designed keeping the customer in mind. This approach makes the customer feel valued and heard, which in turn fosters loyalty, repeat business, and referrals. A PLM software ensures that all your regulatory/safety certifications and documentations are in place. This instills trust in your customer’s minds towards your brand.
PLM Induced Synchronicity
Most tradition PLM software solutions fail to enter the sales and marketing realm. But modern PLM solutions are mobile, cloud-based, powered by market data, and customizable as per the latest market innovations and industry best practices.
These are coupled with additional featured such as mobile and tablet apps that allow your core team to seamlessly collaborate and ideate with groups that are outside the product development ecosystem. This synchronicity between crews fosters innovation, minimize production time, improve sales, cut costs, and retain customers.