How to Reduce Cosmetic New Product Development Timelines and New Product Introduction with PLM Software
The cosmetics and personal care industry has shifted radically over the past few years. Same or next-day delivery of online purchases is the ‘new normal’, trends change in the blink of an eye and market forces are impacted by social media influencers. What’s more, with an ever-increasing wealth of industry-disrupting, online, direct-to-consumer brands, cosmetics and personal care consumers have the power to bypass companies who aren’t keeping pace and shop internationally with those who are offering the latest and greatest trend at the touch of a button.
How is New Cosmetic Product Development Impacted by the New Culture of “Fast Beauty” and Industry Globalization?
Cosmetics and personal care companies who want to future-proof their business have their work cut out for them. They need to quickly innovate new, consumer-driven products that are high-quality and compliant, manage complex product portfolios, improve margins, manage formulations, collaborate with suppliers and ensure flawless packaging and labeling.
Fast, quality, cost-effective and on-trend are challenging goals without the right digital tools and workflow efficiency. This is why digital transformation is the key to success for cosmetic product development. Cosmetic product development software, like Product Lifecycle Management (PLM), is a must in the new cosmetic product development toolkit.
PLM is a powerful solution for companies that face design and manufacturing complexity, globalization and the need to develop and move goods fast! Centric PLM™ is built to handle the rapid innovation and launch of formulated and non-formulated products at the same time. It’s ‘single source of truth’ approach drives innovation, collaboration, collapses timelines and gets companies closer to consumers. Centric PLM connects product and R&D teams on a single platform from anywhere and enables teams to work in real-time. This means fast creative ideation, decision-making, collaboration and innovative new product development helping you create trend-setting products, quickly that meet expectations for safety, quality, compliance and sustainability.
Let’s dive into the key stages of new product development and discover how PLM is the foundational software for each part of the process.
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Conclusion
Cosmetic and personal care companies face enormous market pressure to deliver bestselling, on-trend products that are in touch with consumer desires. And, they need to manage the complex stages in the product lifecycle in a way that makes sense for the business bottom line.
Centric PLM is built to optimize new product development, at every stage in the process. Optimizing product development means accelerated time to market, maximized portfolios, a lower cost of goods sold and being armed with the information needed to make sound, strategic business decisions that will drive revenue and growth.