Now more than ever, cosmetics and personal care brands, retailers and manufacturers are working against the clock to produce more innovative, safe & compliant and trend-right products to keep pace with ever changing consumer demands. With no sign of the frenetic pace slowing down, there’s never been a more important time for cosmetic and personal care companies to invest in technology to maximize business agility, growth and future proofing.
As the plethora of products also stands to continue expanding throughout beauty, hair and skin care, fragrance and supplements, it’s critical for cosmetics and personal care companies to optimize product portfolios and formulations, and efficiently collaborate with suppliers, all while ensuring that every product remains compliant with regional guidelines.
How can cosmetics and personal care, retailers and manufacturers best navigate this increasingly complex landscape in a single solution? Enter Product Lifecycle Management (PLM).
What is PLM?
PLM is an end-to-end, product development solution that empowers cosmetics and personal care companies to boost innovation, product development efficiency and simplify collaboration. Manage the development of formulated products like beauty, fragrance, skin and hair care, supplements and non-formulated accessories with one single platform. PLM software is a ‘single version of the truth’ for real-time product-related data that connects people, products and the phases of development across the entire product lifecycle.
What does this mean for Cosmetics and Personal Care brands, retailers and manufacturers?
For businesses looking for better ways to accelerate new product introductions, manage product portfolios, ensure safety and respect sustainability guidelines, PLM is a comprehensive solution to manage all phases of product development from concept to consumer.
An innovative PLM solution gives brands, retailers and manufacturers the agility, visibility and speed to develop both formulated and non-formulated products with the shortest time to market and at the optimal cost of goods sold in the face of market challenges in the fast-changing cosmetics and personal care industry.
Benefits of PLM
Innovate more products faster to stay on trend
Streamline sourcing request and collaborate with suppliers
Optimize product development with workflows and dashboards
Automatically create detailed packaging and artwork briefs
Speed up new product introductions and formulation development
Reduce quality and compliance risks with greater visibility and control
Manage complex product portfolios
Trace and track everything product related
Understanding the full power of PLM
For cosmetics and personal care brands, retailers and manufacturers, understanding the full capabilities and benefits of PLM is the first step to digital transformation and future proofing business. In a highly changeable, and sometimes unpredictable market, those who understand and invest in innovative technological solutions as a digital foundation for product lifecycle, stand to grow and thrive not only now but in the long term too.
Find out more by downloading the full guide about the eight product development phases handled by PLM and understand how to give your business full control of workflows, supply chains, costs and time from start to finish.