Product Life Cycle Management (PLM)
Product life cycle management (PLM) is a process typically used in industries such as engineering, manufacturing, design, and sales. It includes strategically collecting, managing, and sharing data regarding a product—from its initial conception to disposal—across departments. With PLM software, businesses can better anticipate product issues before they arise. It also aids in processes such as supply chain agility, business continuity, and data governance.
What Small and Midsize Businesses Need to Know About Product Life Cycle Management (PLM)
SMBs that implement PLM processes can significantly reduce the time for a product to reach the market while increasing overall quality. Implementing PLM also allows SMBs to reduce certain risks that they may face throughout the different production phases. Because disposal is factored into PLM, it is a beneficial way to reduce a company's carbon footprint.