What Is Product Lifecycle Management (PLM) and How Does It Work?

Product Lifecycle Management
Product Lifecycle Management

Product Lifecycle Management (PLM) is the process of managing a product as it progresses through the stages of development, introduction, growth, maturity/stability, and decline. This management entails both the production and marketing of the product. From pricing and promotion through expansion and cost-cutting, the product life cycle concept aids business decision-making.

PLM brings together the many companies, departments, and employees involved in the product's production to streamline their operations, with the ultimate goal of producing a product that outperforms its competitors, is highly profitable, and lasts as long as consumer demand and technology allow. It entails much more than simply creating a bill of materials (BOM).

Product Lifecycle Management systems assist businesses in dealing with the growing complexity and engineering problems of designing new products. They are one of the four cornerstones of a manufacturing corporation's information technology framework, with the others being the management of client communications (customer relationship management [CRM]), supplier relationships (supply chain management [SCM]), and internal resources (enterprise resource planning [ERP]).

The Fundamentals of Product Lifecycle Management

Product Lifecycle Management plays a significant role in helping manufacturers produce the next generation of products at a reduced cost and with a faster time to market in an age when innovation is critical to corporate survival and success. While PLM can be viewed as a business strategy, three basics have an impact on how teams function and organizations' ability to grow and thrive:

Access and use of product definition information should be universal, secure, and managed. Throughout the product's life cycle, the integrity of the product definition and related information must be maintained. Management and upkeep of the business processes that are used to develop, manage, disseminate, distribute, and utilize data.

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