Product lifecycle management, or PLM, is a comprehensive approach to innovation, new product development, and product information management from idea to end of life.
As a technology enabling PLM, the PLM System provides a product knowledge backbone for companies and their extended businesses by integrating people, data, processes, and business systems.
Enterprise PLM is much more than just a technology solution. It represents a new and strategic approach to the product value chain, emphasizing process efficiency, cross-functional collaboration within the extended enterprise, rapid innovation, rigorous quality control, risk reduction, and cost effectiveness.
Organizations that adopt an enterprise PLM approach gain many advantages, including:
Higher product quality.
Faster time to market.
A leaner, more efficient value chain.
Faster and easier compliance with industry regulations.
Increased profitability for each product.
A better management approach to product-related processes throughout the value chain.
Better decisions based on accurate and comprehensive data.