Product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal.
PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.
The core of PLM (product lifecycle management) is in the creations and central management of all product data and the technology used to access this information and knowledge. PLM as a discipline emerged from tools such as CAD, CAM and PDM, but can be viewed as the integration of these tools with methods, people and the processes through all stages of a product’s life. It is not just about software technology but also about business strategy.
Reduced time to market
Improved product quality
Reduced prototyping costs
Reduced change requests
Savings through the re-use of original data
A framework for product optimization
Savings through the complete integration of engineering workflows