Product life cycle management (PLM) is a structured way of overseeing the sequence of changes a product experiences, starting with the design and development and through the ending or discarding. Most manufactured products have a finite existence, and during their life span they will go through four product life cycle phases, including introduction, growth, maturity and decline. In all of the stages, organizations experience obstacles. Product life cycle management involves different strategy approaches to overcome these challenges and to make sure that whatever the life cycle state a product is in, the enterprise can acquire the highest sales and revenue possible for its product.
Successful product life cycle management offers countless benefits, such speedy market arrival, providing a higher caliber product on the market, higher product safety, greater sales opportunities and lowering mistakes and waste. Special software helps product life cycle management through activities such as design integration and document and process management.
Additional product life cycle management benefits include:
- Swiftly pinpoint possible sales and revenue opportunities
- A structure for product optimization
- Savings through the total integration of engineering workflows
- Better forecasting
- Boost supply chain collaboration
Product life cycle management is a systematic process successful organizations use to manage the data and design process related to the life of a product from its conception, to its manufacturing stages, to its retirement and discarding. For more information, click the link below.