What is Product Lifecycle Management Software - PLM?

Product lifecycle management (PLM) provides a logical approach to managing the sequence 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 used for service provision and software creation. PLM can be categorized into the following stages:

Beginning of life (BOL) - includes new product design and creation 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 discontinued or recycled.

A PLM software system can help organizations to manage their product's lifecycle by supplying a data warehouse for all the information that impacts the product. The program can be utilized to automate the management of product-related data and to merge the data with other processes 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 viewed as a vital component of the lean production model.

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