PLM

Product Lifecycle Management (PLM) is a strategic approach and software framework for managing a product’s information and related processes throughout its entire life cycle, from initial concept and design to production, service, and eventual end-of-life. PLM aims to centralize data, streamline collaboration, and improve decision-making across disciplines such as engineering, manufacturing, and supply chain.

PLM encompasses a range of capabilities. Core components typically include data management for products and documents, bill of materials and configuration management, workflow and change management, project and program management, quality and compliance assurance, and supplier collaboration. It often integrates with computer-aided design (CAD) and computer-aided manufacturing (CAM) tools, as well as enterprise resource planning (ERP) systems, to ensure consistent data and processes across the organization.

The usual lifecycle stages covered by PLM include ideation and concept development, design and engineering, manufacturing planning and sourcing, service and maintenance, and end-of-life or disposal. The concept of a digital thread connects data and decisions across these stages, enabling traceability and alignment with business objectives.

Benefits commonly associated with PLM include faster time to market, reduced product development costs, improved product quality, better regulatory and quality compliance, and enhanced collaboration across internal teams and external partners. Challenges can include high initial implementation costs, change management, data migration, and the need for ongoing governance and integration with existing systems. PLM is used across industries such as automotive, aerospace, consumer electronics, and industrial equipment.