What Is Product Lifecycle Management (PLM)?
In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.
PLM According to Industry Leaders
"PLM is a strategic business approach that applies a consistent set of business solutions in support of the collaborative creation, management, dissemination, and use of product definition information across the extended enterprise, and spanning from product concept to end of life-integrating people, processes, business systems, and information. PLM forms the product information backbone for a company and its extended enterprise."
Source: PLM Technology Guide
"Product life cycle management or PLM is an all-encompassing approach for innovation, new product development and introduction (NPDI) and product information management from ideation to end of life. PLM Systems as an enabling technology for PLM integrate people, data, processes, and business systems and provide a product information backbone for companies and their extended enterprise."
"The core of PLM (product life cycle 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."
Source: Product Lifecycle Management
"Product life cycle management is the process of managing product-related design, production and maintenance information. PLM may also serve as the central repository for secondary information, such as vendor application notes, catalogs, customer feedback, marketing plans, archived project schedules, and other information acquired over the product's life."
"It is important to note that PLM is not a definition of a piece, or pieces, of technology. It is a definition of a business approach to solving the problem of managing the complete set of product definition information-creating that information, managing it through its life, and disseminating and using it throughout the lifecycle of the product. PLM is not just a technology, but is an approach in which processes are as important, or more important than data."
"PLM or Product Life cycle Management is a process or system used to manage the data and design process associated with the life of a product from its conception and envisioning through its manufacture, to its retirement and disposal. PLM manages data, people, business processes, manufacturing processes, and anything else pertaining to a product. A PLM system acts as a central information hub for everyone associated with a given product, so a well-managed PLM system can streamline product development and facilitate easier communication among those working on/with a product.