What is Product lifecycle management (PLM)?

What is Product lifecycle management (PLM)?

Product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception and design to its eventual phase-out and replacement. PLM systems are used to track and manage all of the data and information associated with a product throughout its lifecycle, including its billing, manufacturing, and marketing data.

PLM systems first emerged in the early 1990s in response to the increasing complexity of product development and the need for better coordination between different departments within a company. Since then, PLM systems have evolved to become more comprehensive and user-friendly, incorporating features such as social media integration, cloud-based collaboration, and mobile accessibility.

The benefits of PLM systems include improved communication and coordination between departments, reduced product development costs, and shorter time-to-market. PLM systems also enable companies to better track and manage their product portfolios, as well as the data and information associated with each product.

Product lifecycle management (PLM) is a systematic approach to managing the entire lifecycle of a product from its conception and design to its eventual commercialization and eventual phase-out. The goal of PLM is to optimize the product lifecycle so that it is as efficient and effective as possible, while still meeting the needs of the customer.

The PLM process typically includes the following steps:

  1. Product ideation and concept development: This is the phase where new product ideas are generated and initial concepts are developed.
  2. Product design and development: In this phase, the product is designed and developed. This includes the creation of prototypes and testing.
  3. Product commercialization: Once the product is ready for market, it is commercialized. This includes marketing, sales, and distribution.
  4. Product phase-out: Eventually, all products reach the end of their life cycle and are phased out. This includes the discontinuation of production and support.

Each step in the PLM process is important in its own right, but the overall goal is to optimize the product lifecycle so that the product is successful in the marketplace.

Phases of product lifecycle management

Every product has a lifecycle, consisting of different phases through which the product passes. Product lifecycle management (PLM) is the process of managing the different phases of a product’s lifecycle. The main phases of a product’s lifecycle are:

  1. Development: This is the phase where the product is designed and created.
  2. launch: The product is launched onto the market.
  3. Growth: The product starts to gain popularity and sales begin to increase.
  4. Maturity: The product has reached its peak in terms of sales and popularity.
  5. Decline: Sales of the product begin to decline.

Each phase of the product lifecycle presents different challenges and opportunities for businesses. It is important for businesses to manage each phase effectively in order to maximise the potential of their product.

Product lifecycle management is a complex process, and there are a number of different factors to consider at each stage. However, effective PLM can be hugely beneficial for businesses, helping them to avoid pitfalls, maximise opportunities and ultimately, increase sales and profits.

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