Definition of Product life cycle management

What is product lifecycle management (PLM)?

The process of managing a product's lifespan from conception to sales, servicing, and finally, disposal is known as product lifecycle management (PLM). PLM software aids businesses in the development and marketing of new goods as a technology. Along the entire production chain of a business, from basic design to production, supply chain management as well as operations,   maintanance of assets, the software makes it simple to track and exchange data. Product lifecycle management (PLM)  can also be defined as the strategic process of managing a  whole lifespan of the products, including its conception, development, servicing, as well as disposal. PLM, or product lifecycle management, is the management of all aspects of a product from conception through disposal.

Product lifecycle management (PLM) is the process of managing a product as it passes through its several lifetime stages, including introduction and implementation, growth, maturity/stability, as well as decline. The production of the good and its marketing are both a part of its management. When making buying decisions, from pricing and advertising to growth or cost-cutting, the idea of product life cycle might be helpful. The final objective of sustainable product life cycle management is to produce merchandise that outclasses its contenders, is highly profitable, and lasted about as long as consumer preferences and future technologies permit. This is accomplished by bringing together the hundreds of companies, government agencies, and staff involved in the company's production to expedite their operations. It involves much more than just creating a cost of quantities.

How does a PLM system work?

PLM software is indeed a system that controls all the data and procedures throughout the whole lifespan of a good or service in a network of global distribution networks. Data from things, components, products, documentation, specifications, engineering change orders, and quality procedures are included in this. Supply chains have expanded globally in recent years, and firms are changing the way they operate. For instance, many businesses use embedded software and services to market new goods and services, such as product-as-a-service (PaaS). These firms are now realizing the need for a cloud-based PLM solution that can support their ability to be flexible and responsive.

Since it offers the digital basis and corporate product database for a comprehensive product design and supply chain, contemporary PLM software is increasingly emerging as the key to business transformation. 

Software for managing the whole lifespan of a product (PLM) controls data from conception to manufacturing, maintenance, and disposal. PLM software helps businesses boost efficiency and teamwork, enhance quality, foster innovation, and accelerate product launch times.

CAD software and ERP systems are only two examples of the systems that PLM software connects with. In an organisation, it is often utilised by a number of people, frequently with different responsibilities and permissions.

Products that fall under the PLM category must:

• Manage product data throughout their lifespan
• Establish a central location for product data.
• Possess automation tools to boost productivity.

What are the five phases of product development cycle?

The creation, introduction, expansion, maturity, as well as collapse of a product are the five phases that make up its life cycle.  Theodore Levitt developed the concept and released his Product Life Cycle model in 1965. This model is still in use nowadays. In essence, the product life cycle is the period of time from the conception of the product through its final removal from the market. At every level, decisions are made and strategies are developed using the product life cycle. With the help of market research, managers use the product's life cycle to tailor their messages at each stage. Managers utilise the product life cycle to inform their strategic options on price, market growth, packaging, as well as other issues.

Benefits of our Product Lifecycle Management

Shorter time to market

Product innovation can proceed more swiftly as a result of centralizing data control. Design teams are able to work more quickly and convey design data to manufacturing more quickly. Rapid product life cycle creation and a quicker time to market are necessary to maintain competitiveness in instances when moving quickly might be crucial.

Lessening of compliance risks

The capacity to maintain a single truthful version for all product information is a significant commercial benefit of PLM. This reduces the possibility of noncompliance. Since organizations are aware of the costs of product returns, legal expenses, productivity loss, etc. if compliance does become an issue, the major benefit here is primarily one of cost prevention.

Given that up to 70 percent of total of a product's cost is determined during the design stage, leveraging the possibilities of collaborative creating creates the possibility to lower both material and manufacturing costs.

There are two basic causes of the reduction. Because PLM is the only source for authority, there is a reduction in the cost of prototyping and scrap. The level of overall product reuse determines other factors, such as decreased retooling costs.

Increasing output

By establishing a PLM system, organisations who do not already have one may do away with time-consuming tasks like copying data across many systems, double-checking data for errors, and searching for missing data.

Another advantage of PLM for businesses is that those involved in operations or new product development are less likely to experience processing mistakes and the rework that results from utilising outdated information.

What are examples of product lifecycle management (PLM)?

PLM software is frequently utilised in the manufacturing industry. Defense, automobile, and aerospace are important sectors. These three businesses are utilising PLM in novel ways:

• Humboldt Wedag, a pioneer in the cement sector, developed a flexible, future-proof PLM system to support staff collaboration on design processes across three continents and many languages.
• Kaeser Kompressoren, a top producer and provider of compressed air systems, expedited the creation of new products with the aid of a centralised solution that fosters productivity and cooperation.
• Sartorius, a global partner of the biopharmaceutical research and the life science sector, improved quality management and efficiency by streamlining business development with a centralised location of all product data.