Product lifecycle management (PLM) is a revolutionary approach to product management.
But while the PLM process may be new, the first tactical step to getting started is something that CSPs have already been doing for a while: centralizing product information into a single product catalog.
In fact, a study we recently conducted showed that nearly half of CSPs have already begun centralizing their product information to optimize their PLM process, while an additional 44% intend to do so in the near future (see figure 2 below). All in all, 9 out of 10 CSPs will be using a centralized catalogue approach for their PLM.
FIGURE 2 CSPS USING CENTRALISED PRODUCT CATALOGS
HOW does a centralized product catalogue optimize PLM?
In putting all product information into one place and synchronizing all the different sources of data from legacy systems, CSPs can ensure that all processes and systems are working from the same data, reducing errors and increasing efficiency.
In a nutshell, a single centralized catalog enables the level of control and accuracy required by more advanced, product-centric companies. It provides a single version of the truth, a corner stone for the automated processes these companies are implementing. Thus, centralization via a centralized product catalogue comprises the first step of four in a CSP’s quest for maximizing their product opportunities (see Figure 3).
To read about the other 3 steps, download our whitepaper.