What is Product Lifecycle Management (PLM)?
Product Lifecycle Management Definition
Product lifecycle management (PLM) is the management of product records (e.g., parts, assemblies, drawings, documents, AML, ECOs) during new product development and introduction (NPDI). PLM software helps product teams and their supply chain partners streamline development from concept through end of life. With automated PLM processes, engineering, quality, purchasing, manufacturing, and the entire product team can work together to speed the design, development, production, and servicing of products — while driving continuous improvement.
FAQs
What are the stages of the product lifecycle?
The four stages of the product lifecycle are introduction, growth, maturity, and decline.
What is a PLM strategy?
The PLM strategy establishes the framework for how processes are coordinated, costs are controlled, risks are mitigated, and products are maintained throughout their entire lifecycle. It encompasses the initial product concept or ideation stage up through product obsolescence.
*Source: https://community.aras.com
Why is PLM used?
PLM enables engineering, manufacturing, related product teams, and supply chain partners to streamline the design, development, production, and servicing of products while driving continuous quality improvement.