tablet on a stand while a person sits behind it holding a cardboard packaged product
Home
/Insights
/Smart Technologies Meet Product Lifecycle Management in IT Consulting's Impact
Product Lifecycle Management (PLM)

Smart Technologies Meet Product Lifecycle Management in IT Consulting's Impact

Read time 5 mins
April 10, 2024
Previous Insight9 minsReadNext Insight4 minsRead

Tags

Sustainable Business PracticesTechnological Innovation
0 Votes

Related Services

Artificial IntelligenceMachine Learning

Got a question?

Send us your questions, we have the answers

Talk with us

Get expert advice to solve your biggest challenges

Book a Call

Introduction

The rapid ascent of smart technology is reshaping the landscape of contemporary industries, offering new avenues for product development, production, and retirement. As businesses navigate this transformative journey, the role of IT consulting companies emerges as a crucial guide, illuminating the path to unlocking the full potential of smart technologies within Product Lifecycle Management (PLM). According to a study by Grand View Research, the global IT consulting market size was valued at $120.9 billion in 2020. It is expected to reach $358.3 billion by 2028, driven by the increasing adoption of digital transformation strategies across industries. These consulting firms serve as strategic partners, helping businesses navigate the complexities of integrating smart technologies into their PLM processes.

In the ever-evolving world of modern business, change is the only constant. The convergence of smart technology with PLM has garnered attention from business owners, signaling a fundamental shift in how products are conceptualized, brought to market, and retired. As companies seek to adapt to this paradigm shift, IT consulting firms play a pivotal role in providing the expertise and guidance needed to harness the power of smart PLM effectively.

The Rise of Smart PLM

The evolution of PLM in the digital age is not just a possibility but an inevitability fueled by advancements in smart technology. Smart PLM streamlines manual processes, leveraging data collection and analysis to enhance product design and performance. Research by MarketsandMarkets indicates that the PLM market size is projected to grow from $50.7 billion in 2021 to $73.7 billion by 2026, driven by the increasing demand for efficient product development processes. However, integrating smart PLM presents challenges, including implementation costs, the need for specialized expertise, and alignment with business practices. Despite these obstacles, the benefits of smart PLM, such as cost reduction, improved quality, and faster time to market, outweigh the challenges, driving businesses to embrace this transformative approach.

The Landscape of Smart Technologies in PLM

Smart technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), and Augmented Reality/Virtual Reality (AR/VR), are revolutionizing PLM across industries. These technologies enable real-time monitoring, predictive analytics, and immersive design experiences throughout the product lifecycle. Research by Gartner predicts that by 2025, 75% of enterprise-generated data will be processed outside traditional centralized data centers, leveraging edge computing technologies such as IoT devices. From healthcare to manufacturing, industries leverage smart technologies to optimize processes, improve efficiency, and drive innovation. As companies embrace these transformative technologies, IT consulting firms are critical in guiding them through the implementation and integration process, ensuring a seamless transition to smart PLM.

IT Consulting's Role in Smart PLM Transformation

The journey to unlock the full potential of smart PLM is a collaborative effort, with IT consulting companies serving as essential partners. These firms go beyond traditional consulting roles, acting as change agents and innovators in the smart PLM landscape. Research by IDC indicates that organizations that partner with IT consulting firms experience 3.5 times faster revenue growth than those that do not, highlighting the strategic importance of these partnerships. IT consultants provide valuable insights, practical advice, and hands-on support to help businesses navigate the complexities of smart PLM implementation. Their expertise spans technology integration, organizational change management, and strategic planning, enabling companies to maximize the benefits of smart PLM while mitigating risks.

The business world is a place of anticipation and transformation as companies embrace the potential of smart PLM. With IT consulting firms as their trusted partners, businesses can confidently navigate the complexities of technological integration and organizational change. As the landscape of smart PLM continues to evolve, the partnership between businesses and IT consultants will remain essential for driving innovation, achieving operational excellence, and staying ahead in an increasingly competitive market.

Industrial robotic arm loading carton for holding a package
Artificial Intelligence

AI in Manufacturing in Pioneering Efficiency and Innovation Across Industries

Read More
Robot interacting with holographic display
Artificial Intelligence

AI in Manufacturing: Streamlining Operations and Predictive Maintenance

Read More
Robotic arm producing sparks while manufacturing products while two people in hardhats and goggles stand in the backdrop
Artificial Intelligence

AI in Manufacturing Optimizing Processes and Driving Efficiency

Read More

Strategies for Smart PLM Implementation

Implementing smart PLM requires a strategic approach beyond technology integration to encompass organizational change and cultural transformation. IT consulting firms play a crucial role in developing customized strategies that align with each organization's unique objectives and challenges. By leveraging iterative methodologies and fostering a culture of continuous learning, these firms help businesses navigate the complexities of smart PLM implementation. According to a survey by McKinsey, 70% of digital transformation initiatives fail to deliver their intended results, highlighting the importance of effective strategy and execution. IT consulting firms help businesses overcome these challenges by providing tailored solutions, comprehensive training, and ongoing support throughout the implementation process.

The transformative impact of smart PLM extends beyond operational efficiency and cost savings to foster a culture of innovation and collaboration within organizations. By harnessing the power of smart technologies, businesses can uncover new opportunities, optimize processes, and deliver value to customers more effectively. Research by Forrester indicates that companies prioritizing innovation achieve 2.3 times higher revenue growth than their peers, emphasizing the importance of innovation in driving business success. IT consulting firms play a critical role in guiding businesses through this transformational journey, providing the expertise and support needed to realize the full potential of smart PLM. As businesses embrace the future of smart PLM, the partnership between companies and IT consultants will continue to drive growth, innovation, and competitive advantage.

Maximizing Business Impact through Smart PLM

The successful adoption of smart PLM can transform businesses, driving growth, innovation, and competitive advantage. By optimizing processes, reducing costs, and fostering a culture of innovation, smart PLM enables companies to achieve their strategic objectives more effectively. Research by Accenture indicates that companies prioritizing innovation achieve 5.5 times higher revenue growth than their peers, highlighting the importance of innovation in driving business success. IT consulting firms play a crucial role in helping businesses maximize the impact of smart PLM by providing the expertise, guidance, and support needed to achieve their goals. As businesses continue to embrace the future of smart PLM, the partnership between companies and IT consultants will remain essential for driving growth, innovation, and competitive advantage in an increasingly digital world.

Young worker operating a CNC machine while using digital tablet in industrial facility
Young worker operating a CNC machine while using digital tablet in industrial facility

How can smart technologies contribute to sustainable product lifecycle management?

This Virtual Special Issue (VSI) was proposed on par with the fascinating and exponentially growing development of smart enabling technologies, such as Internet of Things (IoT), Cyber-Physical System (CPS), Cloud Computing (CC), Artificial Intelligence (AI), Big Data Analytics (BDA), Digital Twin (DT), etc, which have greatly advanced the development of sustainable smart manufacturing throughout the lifecycle.

Download PDF

The Future Landscape of Smart PLM and IT Consulting

The future of smart PLM is full of promise, with new technologies and trends reshaping the landscape of product development and lifecycle management. The possibilities for innovation are endless, from AI-driven predictive analytics to AR/VR-enabled design experiences. IT consulting firms are poised to play a critical role in shaping this future, providing the expertise, guidance, and support needed to navigate the complexities of smart PLM. By partnering with businesses to develop customized strategies and solutions, these firms help companies stay ahead of the curve and drive innovation in an increasingly competitive market. As technological change accelerates, the partnership between businesses and IT consultants will continue to be essential for success in the ever-evolving landscape of smart PLM.

Conclusion

In conclusion, the convergence of smart technology with Product Lifecycle Management (PLM) represents a significant opportunity for businesses to drive growth, innovation, and competitive advantage. As companies navigate this transformative journey, the role of IT consulting firms emerges as essential, providing the expertise, guidance, and support needed to maximize the impact of smart PLM. By partnering with businesses to develop customized strategies and solutions, these firms help companies unlock new opportunities, optimize processes, and deliver customer value more effectively. As the future of smart PLM unfolds, the partnership between businesses and IT consultants will remain crucial for driving innovation, achieving operational excellence, and staying ahead in an increasingly digital world.

Related Insights

cloud technology icons with blue glowing networking lines and hues

Product Lifecycle Management (PLM)

Reshaping Product Lifecycle Management through Cloud Technology

Cloud technology has become a cornerstone of innovation and efficiency in the digital age, ushering in a transformative era for organizations. The cloud's prowess, in particular, has had a major impact on the product lifecycle management (PLM) landscape, providing greater agility, cost-effectiveness, and collaborative capabilities. The astonishing progress of PLM strategies under the leadership of IT consulting firms has been experienced directly by cloud technology consultants. The way to reinvent and redesign the future of PLM strategies is wide and promising as we traverse this convergence of cloud technology and business.

people viewing and smiling at package while working together in a room with unopened packages

Product Lifecycle Management (PLM)

Staying Ahead of the Curve With Streamlined PLM

The PLM market evolves with emerging tech, data-driven insights, and effective practices. Industry case studies demonstrate success.

glowing 3d blue cube

Product Lifecycle Management (PLM)

Web3 Solutions Revolutionizing Product Lifecycle Management

Product Lifecycle Management (PLM) serves as the cornerstone for efficient product development and management, encompassing various stages from conception to disposal. The emergence of Web3 solutions, built upon decentralized principles and blockchain technology, promises to revolutionize PLM processes, offering transparency, traceability, and automation. This article explores the transformative impact of Web3 solutions on optimizing product lifecycle management processes.

desk

How Can Marketeq Help?

InnovateTransformSucceed

Unleashing Possibilities through Expert Technology Solutions

Get the ball rolling

Click the link below to book a call with one of our experts.

Book a call
triangles

Keep Up with Marketeq

Stay up to date on the latest industry trends.

Terms Of UsePrivacyCookiesFAQ'sContact
888.455.7888
Marketeq specializes in crafting custom tailored digital solutions for enhanced growth and efficiency.
InsightsServicesIndustriesAbout UsCareers

© 2011 - 2025 Marketeq Digital Inc. All Rights Reserved.

Marketeq Digital Inc. operates independently as an IT consulting firm, adhering to legal regulations and industry standards in all client engagements. Our commitment to legal compliance ensures transparency and trust in our services. We are committed to upholding the highest standards of legal compliance and ethical conduct in all aspects of our operations. We understand the importance of transparency and trust in our client relationships, which is why we prioritize legal integrity and regulatory adherence. Our team of experts adheres to all relevant laws, regulations, and industry standards, ensuring that our services are delivered with professionalism and accountability.

Terms Of UsePrivacyCookiesFAQ'sContact
    Lang
    Select Language​▼Select Language​▼
    country - select language
    Lang
    Afghanistan - Pashto
    Lang
    Albanian - Shqiptar
    Lang
    Ancient India - Sanskrit
    Lang
    Arabic - Arabic
    Lang
    Armenia - Armenian
    Lang
    Azerbaijan - Azerbaijani
    Lang
    Bangladesh - Bengali
    Lang
    Belarus - Belarusian
    Lang
    Bolivia - Aymara
    Lang
    Bosnia and Herzegovina - Bosnian
    Lang
    Bulgaria - Bulgarian
    Lang
    Cambodia - Khmer
    Lang
    China - Chinese (Simplified)
    Lang
    China - Hmong
    Lang
    Croatian - Croatian
    Lang
    Czech Republic - Czech
    Lang
    Danmark - Danish
    Lang
    Democratic Republic of the Congo - Lingala
    Lang
    Eritrea and Ethiopia - Tigrinya
    Lang
    Estonia - Estonian
    Lang
    Ethiopia - Amharic
    Lang
    Ethiopia - Oromo
    Lang
    Filippinerne - Filipino (Tagalog)
    Lang
    Finland - Finnish
    Lang
    France - français
    Lang
    France - Corsican
    Lang
    Georgia - Georgian
    Lang
    Germany - German
    Lang
    Ghana - Akan
    Lang
    Global - Esperanto
    Lang
    Greece - Greek
    Lang
    Haiti - Haitian Creole
    Lang
    Hungarian - Hungarian
    Lang
    Iceland - Icelandic
    Lang
    India - Assamese
    Lang
    India - Bhojpuri
    Lang
    India - Dogri
    Lang
    India - Gujarati
    Lang
    India - Hindi
    Lang
    India - Kannada
    Lang
    India - Konkani
    Lang
    India - Maithili
    Lang
    India - Malayalam
    Lang
    India - Mizo
    Lang
    India - Punjabi
    Lang
    India - Marathi
    Lang
    India - Meiteilon (Manipuri)
    Lang
    India - Odia (Oriya)
    Lang
    India - Tamil
    Lang
    India - Telugu
    Lang
    Indonesien - Bahasa Indonesia
    Lang
    Indonesien - Jawa
    Lang
    Iran - Persian
    Lang
    Iraq - Kurdish
    Lang
    Iraq - Kurdish (Sorani)
    Lang
    Ireland - Irish
    Lang
    Israel - Hebrew
    Lang
    Italy - Italiano
    Lang
    Japan - Japanese
    Lang
    Kazakhstan - Kazakh
    Lang
    Kyrgyzstan - Kyrgyz
    Lang
    Laos - Lao
    Lang
    Latvia - Latvian
    Lang
    Lesotho - Sesotho
    Lang
    Lithuania - Lithuanian
    Lang
    Luxembourg - Luxembourgish
    Lang
    Madagasca - Malagasy
    Lang
    Malawi - Nyanja (Chichewa)
    Lang
    Malaysia - Malay
    Lang
    Maldives - Dhivehi
    Lang
    Mali - Bamanankan
    Lang
    Malta - Maltese
    Lang
    Mongolia - Mongolian
    Lang
    Myanmar (Burma) - Myanmar (Burmese)
    Lang
    Nederlân - Frysk
    Lang
    Nepal - Nepali
    Lang
    Netherlands - Dutch
    Lang
    New Zealand - Maori
    Lang
    Nigeria - Igbo
    Lang
    Nigeria - Hausa
    Lang
    Nigeria - Yoruba
    Lang
    North Macedonia - Macedonian
    Lang
    Norway - Norwegian
    Lang
    Pakistan - Urdu
    Lang
    Paraguay - Guarani
    Lang
    Peru - Quechua
    Lang
    Philipines - Filipino (Tagalog)
    Lang
    Philippines - Cebuano
    Lang
    Philippines - Ilocano
    Lang
    Poland - Polish
    Lang
    Portugal - Português
    Lang
    Romania - Română
    Lang
    Russian - Russian
    Lang
    Rwanda - kinyarwanda
    Lang
    Samoa - Samoan
    Lang
    Scotland - Scots Gaelic
    Lang
    Serbia - Serbian
    Lang
    Sierra Leone - Krio
    Lang
    Sindh (Pakistan) - Sindhi
    Lang
    Slovakia - Slovak
    Lang
    Slovenia - Slovenian
    Lang
    Somalia - Somali
    Lang
    South Africa - Afrikaans
    Lang
    South Africa - Sepedi
    Lang
    South Africa - Tsonga
    Lang
    South Africa - isiXhosa
    Lang
    South Africa - isiZulu
    Lang
    South Korea - Korean
    Lang
    Spain - español
    Lang
    Spain - Basque
    Lang
    Spain - Catalan
    Lang
    Spain - Galego
    Lang
    Spain - Latin
    Lang
    Sri Lanka - Sinhala (Sinhalese)
    Lang
    Sudan - Sundanese
    Lang
    Sweden - Swedish
    Lang
    Taiwan - Chinese (Traditional)
    Lang
    Tajikistan - Tajik
    Lang
    Tanzania - Kiswahili
    Lang
    Tatarstan (Russia) - Tatar
    Lang
    Thailand - Thai
    Lang
    Togo - Ewe
    Lang
    Turkey - Turkish
    Lang
    Turkmenistan - Turkmen
    Lang
    Uganda - Luganda
    Lang
    Ukraine - Ukrainian
    Lang
    United Kingdom - English
    Lang
    United States - English
    Lang
    United States - Hawaiian
    Lang
    Uzbekistan - Uzbek
    Lang
    Vietnam - Vietnamese
    Lang
    Xinjiang (China) - Uyghur
    Lang
    Zimbabwe - Shona
    Original text
    Rate this translation
    Your feedback will be used to help improve Google Translate
    Original text
    Rate this translation
    Your feedback will be used to help improve Google Translate

    This site uses cookies

    By continuing to the browse, you agree to our use of cookies. These small text files are stored on your device to enhance your browsing experience and analyze site usage. You can manage or disable cookies in your browser settings Cookies Policy