Oxford, England. Jun 10, 2014 --The PLM Financial Framework initiative has developed new, neutral methodologies for Basic and Advanced PLM Financial Management.

 

Basic Financial Management enables the PLM Team, with the support of the company's accountants, to establish performance metrics that can be measured and reported as PLM projects are implemented. (See MCADCafe June 04).

 

Advanced Financial Management integrates PLM metrics into the company's accounting structure, so that results can be seen automatically from operational to Board level.  The methodology for this has 7 Stages:-

• Validated Vision
• Financial Structuring
• Reconstruction
• Calculation & Metrics
• Roadmapping & Planning
• Monitoring & Reporting
• Business Transformation

The first important feature is the 'Reconstruction' Stage. To achieve Advanced Financial Management, the whole long-term direction of PLM needs be reshaped so that it is 100% enterprise-wide and no longer piecemeal. There needs to be a realignment of the company's accounting and reporting structure to adapt to the new PLM impact. Only then can the Board see what PLM is achieving, and what more it can do.

 

The second feature is that 'Business Transformation' is a Stage in its own right, that the PLM Team can work on with colleagues from around the company. The new PLM Financial Management Toolset provides the methodology and the working material.

 

The whole structured methodology will be reviewed at the upcoming workshop hosted by the PLM Institute in Geneva on 01-03 July. Registration for Geneva is now open, and more information is available on the PLMIG web site, or via Email Contact.

 

The PLM Interest Group
The PLM Interest Group is the leading neutral industry group for PLM. It has developed the first ever PLM Governance Standard, together with a new generation of applied PLM material including the PLM Best Practice Library and the Path to PLM. Previously PLMIG workshop series have produced the PLM Benchmarking Handbook; the PLM Maturity Reference Manual; and the PLMuERP Handbook.

Contact:
Roger Tempest
PLMIG