Definition: Product Lifecycle Management (PLM) refers to the strategic approach of managing a product's entire lifecycle, from inception, design, and manufacturing, to service and disposal. PLM integrates people, processes, business systems, and information to extend the life of a product and maximize its value across its lifecycle.
Key Components: PLM encompasses several key stages, including concept and design, development and testing, production and launch, growth and maturity, and end-of-life management. It involves collaboration across different departments such as engineering, marketing, and supply chain, utilizing software tools to streamline processes and improve efficiency.
Benefits: Implementing PLM can lead to improved product quality, faster time-to-market, cost reductions, enhanced innovation, and better compliance with regulations. It provides a centralized platform for managing product information and processes, which helps in making informed decisions and fostering collaboration across the product's lifecycle.
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