Product Lifecycle Management (PLM)

Product Lifecycle Management (PLM) is a systematic approach to managing a product's entire journey, from initial concept through design, manufacturing, and service, to its eventual retirement. It involves coordinating people, processes, and tools to ensure that information about the product is consistently available and updated. By using PLM, companies can improve efficiency, reduce costs, and enhance collaboration among teams, leading to better-quality products and faster time-to-market. Essentially, PLM helps businesses streamline operations and make informed decisions throughout the life of a product.