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The case for living sustainably is stronger due to climate change and human activity. The public’s attention has increased due to media coverage, making businesses realize that sustainability is crucial for their success and to protect the planet.
Recent research by the IBM Institute for Business showed that 93 percent of global consumers’ views on sustainability have been influenced by the pandemic.
The top concerns are securing freshwater supplies, reducing pollution, protecting ecosystems such as rainforests, and reducing species loss. 22% more consumers now view environmental responsibility as very or extremely important in their brand choices compared to 2019.
Therefore, adopting eco-friendly processes and sustainable strategies can help businesses earn consumer loyalty and trust in the long term.
How Can PLM Help Drive Sustainability?
More than 80% of all environmental impacts caused by products are determined during the design phase.
PLM can help with this. To operate more sustainably, brands must consider the entire lifecycle of their products, including the supply chain, users, and economies.
Brands must also measure and analyze the impact of their products on the planet, including production methods and supply chain choices, which can be simplified by PLM systems.
PLM can help publish sustainability reports and improve transparency by making data visible throughout the product lifecycle, which can help build consumer loyalty and trust.
PLM tools offer supply chain transparency, helping to find eco-friendly suppliers for raw materials.
Materials libraries can hold all the information required to make related decisions due to the vast quantity of different materials available. PLM software prioritizes vendor management, looking after every supplier tier from the main manufacturer to materials and suppliers.
Companies can approve or disapprove vendors in the listings and make informed choices based on accurate information.
How Does PLM Work?
PLM takes a holistic approach to product development, considering the entire lifecycle.
This involves numerous steps and departments, necessitating excellent organization. The software offers document management and insights into projects that can be adjusted as the business evolves.
PLM offers a single platform that users can access from anywhere, enabling them to efficiently access all product manufacturing elements. Common features include collaboration tools, lifecycle intelligence data analysis, and product data management resources.
For more information on how PLM can help your brand become more sustainable, contact the Bombyx team.