What is Product Lifecycle Management Software?

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 creation. PLM can be classified into the following stages:

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

Middle of life (MOL) - includes partnership 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 system can help 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 integrate the data with other practices 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 module of the lean production model.

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