Despite the increasing number of unexpected supply chain vulnerabilities and disruptions, many companies are failing to address these challenges.
With many brand organizations and retailers relying on outsourced manufacturing, these complexities have become more evident, and in many cases, hinder companies’ ability to build quality products quickly and deliver them to their consumer base efficiently. As a result, many of these companies now consider factors like reduced product quality, missed shipment milestones and higher cost-to-serve as simply the price of doing business in an outsourced model.
To address these complexities and unlock additional value, global companies have realized the importance of connecting product information with manufacturing and supply chain processes.
However, justifying the investment needed to connect this information is a difficult task. As this relates to software, more specifically, product lifecycle management (PLM) and supply chain software, determining value is sometimes difficult — even more so when money is tight due to tough economic conditions.
However, the answer can be found by looking across the entire product lifecycle to better understand how improved connectivity between the disparate groups can result in improved individual task performance and greater value. This greater value often translates into improved speed to market, lower production costs and reduced waste.
