Product Lifecycle Management
PLM is the acronym for Product Lifecycle Management.
A process and technology used by businesses to manage the entire lifecycle of a product, from ideation to retirement.
PLM involves the collection, management, and dissemination of product data and information across various departments within an organization, including engineering, design, manufacturing, and sales. This data includes product specifications, bills of materials, design drawings, and other related documents and information.
PLM systems are designed to improve the efficiency and effectiveness of product development and management, by providing a centralized platform for collaboration and communication among different teams and stakeholders. They can also help businesses to improve their product quality, reduce time-to-market, and increase customer satisfaction.
PLM includes various stages of a product’s lifecycle, including ideation, concept design, development, testing, production, distribution, and retirement. The goal of PLM is to manage these stages in a systematic and efficient manner, with the aim of improving product quality, reducing costs, and driving business growth.
Overall, PLM is an important process and technology for businesses that are looking to improve their product development and management capabilities and to maximize the value of their products over their entire lifecycle.
- Abbreviation: PLM