Have you recently started a business?

Whether your startup is in the Silicon Valley, the Silicon Slopes, the Silicon Prairie, or somewhere with a less-catchy name, you have the same needs: low cost, fast turnaround, and an upward trajectory. Product lifecycle management can help you meet all of these needs.

Learn more about product lifecycle management and why you should incorporate this process to see your startup succeed.

What is Product Lifecycle Management (PLM)?

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Product lifecycle management, or PLM, is a process for managing products at every stage of development. The PLM process begins with a product’s inception and then helps you manage the product through design, production, selling, and even disposal. Businesses that use PLM collect data at every stage, generally using software to centrally store and analyze this data.

PLM was developed in the manufacturing world. American Motors Corporation wanted to produce new vehicles more quickly, efficiently, and cheaply. In order to do so, the company needed to communicate better, resolve conflict faster, make documents more readily available, and increase productivity. PLM allowed AMC to achieve these goals. It was so successful that other car manufacturers began using PLM, and the practice has since been adopted in many other fields.

Why your startup needs PLM

There’s no denying that startups function differently than large, established companies. Time, money, and bandwidth are often tight. But before you write PLM off as too much of a strain on your resources, consider how the product management lifecycle can improve product development and strengthen your startup.

Faster production

Things move fast in the startup world. Today’s innovation quickly turns into yesterday’s news, and new imitators and competitors pop up almost daily. If you want to keep up, you’ll need to get your products to launch as quickly as possible. PLM helps you do just that. Central documentation makes it easier to collaborate and communicate, and it helps you see and respond to issues quickly. PLM keeps you on the cutting edge—a must for any startup.

Better analysis

PLM’s great strength lies with its central data collection, which makes it easy to analyze all of your startup’s data. As your startup grows, it’s important to conduct frequent analysis on this data. Your company will experience growing pains as you grow your customer base and expand your staff. Frequent analysis will keep your company on a profitable trajectory, and it can prevent you from making or repeating costly mistakes. You’ll be able to refine your development and production processes, helping your startup grow responsibly.

Decreased cost

When you’re scrambling for funding, every penny counts. Your startup can’t afford to waste money. Fortunately, PLM offers several money-saving solutions. First, PLM uses data analysis so you can easily spot costly mistakes. Second, PLM’s central data makes it easier for your team to work together, reducing costly delays or miscommunications. Finally, PLM helps you accurately plan future costs and budget appropriately. The process has a proven track record for reducing costs, and it can do the same for your startup.

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Help your startup succeed

Product lifecycle management provides a comprehensive solution to manage your startup’s operations and growth, making it a good choice for young businesses everywhere. PLM can require a hefty investment of time and money, but the results are well worth it.

If you’re not ready to commit to PLM just yet, your startup can benefit from similar practices of data visualization, effective communication, and process refinement. Each of these powerful practices will help your startup grow and thrive, and Lucidchart makes it easy to get started.

Get Lucidchart today, and get one step closer to unicorn status.