Product lifecycle management - Glossary

Product lifecycle management (PLM) is the innovative process of overseeing a product's journey from its early inception through design and manufacturing to its ultimate retirement. Imagine the creation of a smartphone- it starts as a concept evolves into a sleek design moves through the intricate stages of production ships to eager customers and eventually transitions out as newer models take center stage. By effectively managing each stage businesses can ensure optimal product performance reduce costs and respond swiftly to market demands. PLM solutions offer a centralized hub for collaboration allowing teams to share and build on information seamlessly. This comprehensive approach not only streamlines processes but also illuminates new opportunities for innovation driving businesses to future success while enhancing customer satisfaction and operational efficiency.