Product Lifecycle Management (PLM) is a comprehensive approach to managing the entire lifecycle of a product, from its conception to its retirement. It is a process that involves the integration of people, data, processes, and business systems to streamline product development and improve collaboration across teams. And like any other industry, the product development space is constantly evolving and the companies designing new products continuously adapt their process to keep at-par with the trends.
In this blog post, I would like to underline the summary of some of the trends that visionaries in the PLM space shared in our exciting video ‘Breaking down the hottest PLM trends of 2024’. These experts, who engage with PLM on a daily basis, share their predictions on the trends set to redefine the PLM landscape in 2024. From data governance to sustainability to artificial intelligence integrations, these visionaries will take us on a journey into the future of PLM.
Digital Transformation
Data Governance & Designing for Sustainability.
First, we have James Keefe, Director of SAP PLM from LeverX. He brings a unique perspective to the table, having seen both sides of the coin, working as a design engineer and IT configurator in the past. Keefe predicts a greater emphasis on data governance and designing for sustainability in the PLM sphere.
According to James, accurate data is at the core of digital transformation. While technologies like artificial intelligence, machine learning, and cloud computing are often talked about, the importance of data governance and cleanliness cannot be overlooked. He emphasizes the need for PLM to enable accurate data creation and maintenance, as it forms the foundation for all downstream processes and provides reliable analytics for management and executives.
In his view, the foundation of digital transformation is accurate data. While not as flashy as AI or IoT, data governance is crucial for enabling technologies to function effectively and provide reliable analytics. He predicts a greater use of PLM to create and maintain accurate data, treating it as an asset that drives digital transformation.
James also highlights the growing importance of designing for sustainability in PLM. As regulations and consumer demands push manufacturers to reduce emissions, plastic content, and energy consumption, sustainability will become an integral part of product development. PLM platforms play a crucial role in providing engineers with valuable information on materials and processes to make intelligent design decisions. Sustainable products will not only be a competitive advantage but also contribute to a higher standard of living for everyone.
He foresees sustainability becoming a standard practice in product development, much like innovation and quality. PLM will play a vital role in enabling engineers to make informed design decisions that balance cost and environmental impact.
The Digital Thread
A Logical Evolution of PLM.
Next, Dominik Maier, Senior Vice President - Product and Development and Member of Management Board, DSC Software AG, highlights the importance of digital thread in PLM. He sees the digital thread as the logical evolution of PLM, from initial ideas for new products to servicing and maintenance. He believes that the digital thread, which spans the entire product lifecycle, will grow in importance, and must be considered beyond the boundaries of individual companies.
The digital thread connects various stages of product development, from early ideas and requirements to manufacturing and service. He emphasizes the need for PLM to seamlessly integrate with existing systems, support open standards, and manage comprehensive data structures. This integration will enable the smooth operation of industry data ecosystems and drive digitalization in the manufacturing industry.
Dominik envisions a future where PLM systems integrate seamlessly with external partners and customers, as exemplified by the European Union's digital product passport initiative. He stresses the need for a common language for product data and anticipates SAP's integrated PLM approach will become even more crucial.
Industry Data Ecosystems
Enabling Data Sharing without Compromising Security.
Georg Kube, Head of Industry Data Ecosystem, SAP, on the other hand, focuses on the emergence of industry data ecosystems like Catena X and Manufacturing X. He points out that successful digitalization hinges on the sharing of data, which has been a challenge due to concerns over data privacy and competitive advantage.
These ecosystems enable the sharing of data without compromising security, allowing companies to collaborate with external partners while protecting their valuable information. He emphasizes the need for PLM systems to connect to these data ecosystems, support open standards, and manage complex data structures. PLM systems will become the access point to industry data ecosystems, facilitating seamless integration and data interchange.
He predicts that successful digitalization will require the sharing of data, and new technologies to share data without ‘actually’ giving it away will emerge.
Talent Growth and User Experience
Enriching Careers in PLM.
Dominik Metzger, Head of Engineering, Digital Supply Chain at SAP, discusses the challenges of talent shortage and changing customer expectations in the PLM domain. He emphasizes the importance of user experience in PLM software, making it intuitive, automated, and inspiring for users.
He also highlights the role of artificial intelligence, specifically generative AI, in enriching the work experience and sparking new inspirations. Furthermore, he emphasizes the need to enrich the careers of new workers, especially GenZ, by embracing sustainability, continuous learning, and a fail-fast culture.
SAP PLM Integrations
Making trends come to life.
Ismail Serin, Head of SAP PLM Product Management, ties all these predictions together with a focus on integration. Serin believes that integration is the key enabler for all of these trends and will transform the PLM landscape as we know it.
The future of PLM is set to be shaped by trends such as data governance, sustainability, the digital thread, industry data ecosystems, and talent growth. These trends will drive integration, automation, and collaboration in PLM systems, enabling companies to navigate increasing product complexity, regulatory pressure, and supply chain disruptions. As the PLM landscape evolves, organizations that adapt to these trends will thrive in the dynamic and competitive market.
Predicting the future is no easy task and only time will tell how accurate our expert predictions will be. But one thing is clear, change is inevitable. And those who will adapt to it will thrive. We'd love to hear your thoughts on these predictions, which one do you think will have the most impact? And are there any trends you think our experts missed? Share with us using the comments.
Take your design processes to a new level and connect extended enterprise to contextualize decisions and collaborate easier with the suppliers. Learn how close feedback loop can accelerate innovation and explore the key role of product design in sustainability. If you want to build a risk resilient and sustainable supply chain that provides actionable information, supports product innovation and empowers people, check out SAP PLM software.
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