What is Product Lifecycle Management Software?

Product lifecycle management (PLM) provides a methodical approach to managing the series of changes a product undergoes, from its design and creation to its ultimate disposal or retirement.
PLM is related to manufacturing, but the management structure can also be utilized for service provision and software creation. PLM can be classified 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 plans for how the products will be discontinued or recycled.

A PLM software system can help companies to manage their product's lifecycle by offering a data warehouse for all the information that affects the product. The software can be used to automate the handling of product-related data and to combine the data with other practices such as manufacturing execution systems (MES) and enterprise resource planning (ERP). The aim of PLM software is to reduce waste and boost efficiency. PLM is regarded as a vital component of the lean production model.

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