What Is Product Lifecycle Management ?

Product lifecycle management (PLM) represents an essential and core element for most companies’ overall enterprise business strategy. PLM is not confined solely to the design/build processes of a manufacturing company. The scope of PLM has expanded to the extent that the product development process can be executed and managed from concept to end of life within a collaborative, holistic framework.

PLM software is a solution that manages all of the information and processes at every step of a product or service lifecycle across globalized supply chains. This includes the data from items, parts, products, documents, requirements, engineering change orders, and quality workflows.

New business models, business transformation, and Industry 4.0 are all possible because of the technological advancements that give businesses the ability to respond to change quickly. Today’s PLM software provides the foundation and intersection of critical, cradle-to-grave product lifecycle processes woven with real-time data from technologies, such as Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML). PLM leverages what emerged as a “digital thread” to change how they design, manufacture, and service products.

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