Product Lifecycle Management, or PLM, is the process of managing a product’s entire lifecycle, from inception to retirement. This includes the phases of a product’s design, development, testing, manufacturing, marketing, and support.
Engineering change orders, product configurations, bills of materials, and product documentation are just a few examples of the types of data and operations that can be managed centrally by PLM software solutions. Teams can collaborate and communicate more effectively across departments, including design, engineering, manufacturing, and marketing, thanks to PLM solutions.
How PLM are useful for businesses?
Improved collaboration: Better decision-making, quicker product development, and more efficient workflows are all made possible by the improved collaboration that PLM enables for teams.
Better product quality: PLM can help ensure that all team members are working with the most recent information, which can lead to better product quality and fewer errors by providing a single source of truth for product-related data and processes.
Efficiency gain: PLM can aid in automating and streamlining manual procedures like document management and change control, saving time and resources by lowering the workload involved in managing these tasks.
Reduced costs: PLM can assist companies in lowering the costs related to product development and support by enhancing collaboration, enhancing efficiency, and reducing errors.
Conclusion
PLM can generally assist companies in managing their product development and lifecycles more efficiently, leading to better products, increased productivity, and lower costs.