PLM Market Embraces the Cloud to Future-Proof Business Outcomes
Propel Software, creator of the first product value management (PVM) platform, optimized speed, efficiency and value as it continued to disrupt the Product Lifecycle Management (PLM) category in 2023. Last year, Propel announced three major product releases providing ground-breaking solutions that reduce risk, decrease time to market, and get customers up and running quickly. Built on one of the world’s most secure business platforms, Salesforce, Propel PVM is the only platform that addresses product definition, quality, and commercialization in one solution by combining three software categories that have been historically siloed: PLM, quality management (QMS), and product information management (PIM).
Propel Software Enhances Product Value Across Engineering, Sales, Marketing, and Service in 2023
Speed and Collaboration Deliver Business Change
Amidst a competitive landscape filled with slow-moving, on premise PLM providers, Propel remains focused on addressing market demands and speed to market. In 2023, Propel challenged the norms of months-, or year-long implementation cycles typically seen in the industry by completing several implementations in as little as three weeks.
“Propel is not just challenging the status quo. We are pioneering a new era of product lifecycle technology with PVM – and this was validated in 2023 with our largest deals to date,” said Ross Meyercord, CEO of Propel. “Our customers and industry leaders cannot rely on outdated, slow moving technology, and AI is only enhancing the pressure to move fast. We get customers launched quickly, with minimal disruption, to create value early in their journey with Propel.”
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Accolades Recognize Growth and Innovation
Propel continued to gain recognition for growth and innovation in 2023 with various awards including:
Fortune – America’s 300 Most Innovative Companies
Joined industry trailblazers Alphabet, Apple, and Salesforce, ranking No. 108 in a field of well-respected business disruptors like LinkedIn, Meta, and SpaceX.
Deloitte Technology Fast 500™
Recognized as a Deloitte Fast 500 winner for the third consecutive year, Propel ranked 359 of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Propel grew 361% over this period.
Forrester – The Forrester Wave™ Product Lifecycle Management For Discrete Manufacturers, Q1 2023
Named a “Strong Performer” by Forrester Research, a leading global research and advisory firm. The Forrester Wave™ gave Propel the highest scores available in the “Performance” and “Supporting Products & Services” criteria within the Strategy category.
Technological Prowess Drives Executive Appointments
Propel distinguishes itself by leveraging deep industry expertise across its executive team. In response to increased PVM demand, the company appointed Kishore Subramanian to Chief Technology Officer (CTO). Subramanian previously served as Propel’s VP of Engineering.
Previously, Subramanian was a Senior Software Engineer at Google, where he contributed to pioneering projects such as Google Assistant and Google Web Designer. His leadership at Agile Software Corporation, where he spearheaded the development of the first web-based PLM user interface, has been instrumental in shaping the advanced, cloud-based solutions that Propel offers today.
Propel also celebrates the appointment of co-founder, Ron Hess, to Chief Architect. Hess’ vision and leadership have been instrumental in Propel’s journey, and his continued influence will drive the company’s innovation and growth.
Momentum Underscored by Industry Market Trends
Gartner’s Market Guide for PLM Software in Discrete Manufacturing Industries indicates that by 2027, more than 70% of PLM applications will support end-to-end digital threads strategy, with over 80% of medium and large manufacturers seeking comprehensive software data management capabilities as an extension of PLM by 2026.
Breaking the traditional PLM mold, Propel extends the digital thread beyond design and engineering to foster role-based collaboration across the entire company. This underscores its commitment to democratizing product data across the enterprise, enabling product companies to make, market, sell, and service products with unmatched speed, insight, and efficiency.
In 2023, Propel achieved double-digit percentage increases in new business across each of its customer segments: high-tech, med-tech, consumer goods, and manufacturing. In addition, 80% of its customer base expanded business with Propel. Many customers increased their technology investment to reduce risk using Propel’s Component Insights which provides access to critical data on 1 billion+ standard parts. In addition, Propel’s Supplier Community customer licenses tripled last year as product companies prioritized partner and external collaboration, delivering secure, rules-based collaboration for diverse and distributed networks worldwide.