What is PLM?

Product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal. PLM is a set of capabilities that enable an enterprise to effectively and efficiently innovate and manage its products and related services throughout the entire business lifecycle. It is one of the four cornerstones of a corporation’s IT digital structure. All companies need to manage communications and information with its customers (CRM-Customer Relationship Management) and its suppliers (SCM-Supply Chain Management) and the resources within the enterprise (ERP-Enterprise Resource Planning). In addition, manufacturing engineering companies must also develop, describe, manage and communicate information about their products (PLM).
Documented benefits include:as

  • Reduced time to market

  • Improved product quality

  • Reduced prototyping costs

  • Savings through the re-use of original data

  • A framework for product optimization

  • Reduced waste

  • Savings through the complete integration of engineering workflows

The product lifecycle goes though many phases and involves many professional disciplines and requires many skills, tools and processes. Product Lifecycle Management (PLM) is more to do with managing descriptions and properties of a product through its development and useful life, mainly from a business/engineering point of view; whereas Product life cycle management (PLC) is to do with the life of a product in the market with respect to business/commercial costs and sales measures.

Click to know more about Product Lifecycle Management 

Ref for Article: wikipedia 

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