The success of a product in the market depends on various factors. The factors which are crucial for a product to become a pioneer in the market are:
1. The performance and quality of product
2. The cost of manufacturing and maintenance cost of the product
3. The cost of research and development work on the product.
and the last but not the least is
4. Time to launch the product in the market before competitors
The writer “George. E. Dieter” writes very beautifully in his book of ‘Engineering Design’ about importance of ‘time to market’ concept about product.
The development of a product requires lots of time and people resources and ultimately it affects the cost of a product. The cost of development of a product is very high compared to other processes. If we reduce this time and cost we can achieve maximum profit from it.
If we launch the product early in the market by reducing time to develop, the product becomes a monopoly in the market and captures a large market share. A customer has no choice instead of buying it because there is no other product available in the market. The time-to-market launching of a product helps us to focus more on the development of a product while other competitors are struggling to make a similar product. In this time we can increase product performance and quality and focus more on how to reduce the cost of the product.
After some time if competitors arrive in the market with similar products, then our product already becomes a pioneer and has good quality and performance than competitors because we focus on the development of this product, during no other product is there in the market.
As our product is only one in the market, as we launch it early, we can increase the price of product to get maximum profit from it and also the lifecycle duration of the product is also increases.
How PLM helps in achieving goal of ‘Time-To-market’ ?
After reading all these things you obliviously think that how to achieve ‘Time to market’ ?. Here is the answer, PLM philosophies and software built on it can be used for achieving this success factor. PLM covers all things of development. PLM plays an important role in reducing the time required for the development of the product. From idea generation to launch in the market, it covers all things. There is PLM software for Data Management(Aras PLM), CAD design(CATIA CAD), Simulation(Ansys), ERP software for inventory and supply chain management which helps to achieve the goal of ‘Time To Market‘ by reducing the time required to develop a new product.