What is Product Lifecycle Management Software?

Product lifecycle management (PLM) provides a logical approach to managing the series of changes a product undergoes, from its design and creation to its ultimate discarding or retirement.
PLM is linked to manufacturing, but the management structure can also be utilized for service provision and software creation. PLM can be grouped into the following stages:

Beginning of life (BOL) - includes new product design and creation processes.

Middle of life (MOL) - includes collaboration with suppliers, warranty management, and product information management (PIM).

End of life (EOL) - includes plans for how the products will be discontinued or recycled.

A PLM software solution can assist enterprises to manage their product's lifecycle by providing a data warehouse for all the information that affects the product. The software can be used to automate the management of product-related data and to combine the data with other methods such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The objective of PLM software is to reduce waste and enhance efficiency. PLM is considered as a vital component of the lean production model.

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