By Ram Venkataraju
Companies operating globally, in a wide range of markets, cater to various needs of customers, with different requirements. This requires having the flexibility to offer a large variety of products, which increases complexity, costs, and efficiency. Companies need to develop a strategy, to manage offering these wide varieties of products, with an increased standardization of components.
Traditional product design within product life-cycle management (PLM), focuses on integrating product requirements into design, but fails to address the need for variants without increasing complexity.