What is Product Lifecycle Management Software - PLM?

Product lifecycle management (PLM) offers a systematic approach to managing the series of changes a product undergoes, from its design and development to its ultimate disposal or retirement.
PLM is related to manufacturing, but the management structure 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 partnership with suppliers, warranty management, and product information management (PIM).

End of life (EOL) - includes strategies for how the products will be withdrawn or recycled.

A PLM software system can help companies to manage their product's lifecycle by supplying a data warehouse for all the information that impacts the product. The program can be used to automate the management of product-related data and to merge the data with other methods such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The goal of PLM software is to lessen waste and enhance efficiency. PLM is considered as a critical component of the lean production model.

Product Lifecycle Management Software - PLM

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