Product Lifecycle Management (PLM)

The process of managing the entire lifecycle of a product from inception, through engineering design and manufacturing, to service and disposal.

What is Product Lifecycle Management (PLM)?

Product Lifecycle Management (PLM) refers to the process of managing a product throughout its entire lifecycle, from conception and design to manufacturing, distribution, and eventually disposal. PLM involves coordinating, tracking, and optimizing all stages of a product's life to ensure efficiency and quality. By integrating data, processes, business systems, and people involved in the product development process, PLM aims to improve collaboration, streamline workflows, and increase productivity. PLM software allows companies to centralize product information, define standards and best practices, facilitate communication among different departments, and make informed decisions based on real-time data. This holistic approach helps organizations to minimize errors, reduce time-to-market, lower costs, and enhance product innovation. Ultimately, PLM enables companies to respond quickly to market demands, manage product variations effectively, and adapt to changing customer requirements. The goal of Product Lifecycle Management is to optimize the value generated by a product over its entire lifecycle, from conception to retirement.