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.

What is Product Lifecycle Management

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.

The Cost
of
Mistakes

Delivering new products to market is challenging. And It is difficult to see the cost impact of one or more mistakes.

Try our calculator to estimate the impact on your business. Input your business details, select a challenge, and see the real-world cost impact as validated by our customers.