What is Product Lifecycle Management Software - PLM?

Product lifecycle management (PLM) offers a systematic approach to managing the sequence of changes a product undergoes, from its design and creation to its ultimate disposal or retirement.
PLM is related to manufacturing, but the management configuration can also be utilized for service provision and software development. PLM can be categorized into the following stages:

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

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

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

A PLM software platform can assist organizations to manage their product's lifecycle by supplying a data warehouse for all the information that impacts the product. The software can be used to automate the handling of product-related data and to combine the data with other methods such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The goal of PLM software is to reduce waste and boost efficiency. PLM is viewed as a crucial module of the lean production model.

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