What is Product Lifecycle Management (PLM)?
Product Lifecycle Management (PLM) is the process of managing a product’s entire lifecycle, from initial concept through design, development, production, and disposal. PLM integrates people, processes, and data across different stages to optimize product performance, reduce costs, and accelerate time-to-market.
PLM involves several key phases:
- Concept and Design: Developing the initial product concept and detailed design.
- Development and Production: Building and manufacturing the product.
- Support and Maintenance: Providing ongoing support and updates.
- End of Life: Managing the product’s phase-out and disposal.
Effective PLM ensures that products are designed and managed efficiently, maximizing their value throughout their lifecycle.