It’s not easy to stay out in front of fashion trends. The same goes for building more personalized relationships with today’s hyper-connected consumers. Do some of these issues sound familiar to your retail team?
• Product assortment complexity
• Global expansion and competition
• Mass customization and personalization of products
• Value chain expansion
• Increased social networking data
• Greater need for connected supply chains and products
• Untethered work and workers (mobility)
• Growing role of third-party platforms for social business, analytics, mobile, cloud, IoT and 3D visualization and printing
These are powerful market factors accelerating the need for a connected PLM strategy, according to a report from IDC evaluating 12 retail PLM software vendors. IDC Retail Insights is a top market research firm that advise retailers on various technology to improve their customer experience.
Beyond this list of priorities, if you’re like many consumer-focused businesses, you’re also looking at how to leverage the Internet of Things (IoT). How else can you know, in real time, where your products are in the product development process or supply chain? Or how they’re doing in the retail store? As IDC points out, IoT is essential for connecting to and receiving data from “an extremely large assortment of commercially available devices and enterprise systems to achieve visibility to materials, finished products, cartons and containers.”
Tips for Choosing a PLM Solution
Drawing on IDC’s findings, here are recommendations for retailers who are considering new or expanded PLM investment:
Tip No. 1: Make sure line-of-business and IT departments are aligned. With many software choices and integration points, this alignment is key to adoption.
Tip No. 2: Focus on digital transformation. It’s important for this to be an objective because with the rapid innovation in retail, your traditional processes can slow you down.
Tip No. 3: Look for vendor experience in retail. When your technology partner has a concentration in luxury, specialty retail, home goods and global brands, you won’t reinvent the wheel over core features and functions.
Tip No. 4: Integrate end-to-end product development and supply chain capabilities. Aim for connectivity with consumers, retail operations and supply chain partners. Without it, you’ll have communication gaps and a slower path to ROI.
Tip No. 5: Ensure your PLM partner embraces design-driven development. End user adoption depends on an engaging user experience, especially for creative teams.
Want to know more? Download your complimentary copy of an excerpt from the IDC MarketScape: Worldwide Retail Brand Product Innovation and PLM Vendor Assessment. Be informed. Get the most out of PLM.