What Is PLM Software (Product Lifecycle Management)?


Product Lifecycle Management applies to the process of managing information about the product's whole lifecycle - from beginning to finish, which includes stages like designing, prototyping, manufacturing, maintaining, and troubleshooting. Thanks to that, multi-disciplinary teams in different locations can strategically collaborate more effectively and strategically with partners and consumers using advanced, trusted, up-to-date product information.


Nowadays, products can become more complicated, so businesses need to apply strategic procedures before going live to remain competitive and relevant to their buyers. To meet the market demand, companies must implement automatizations to ensure that their products will reach the market's most efficient scale and with the lowest possible costs. 


Product Lifecycle Management software is an application that integrates people, data, processes, and business systems not only to increase profits but also to highly improve accuracy, productivity, and efficiency. 


To simplify, PLM brings benefits across the entire lifecycle of the products. Thanks to it, designers can get the opportunity to run digital simulations, manufacturers can faster share data with suppliers, and what's more, the maintenance team will appreciate more a straightforward troubleshooting process with a centralized data management system.