The process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal
PLM integrates people, data, processes, and business systems and provides a product information backbone for companies and their extended enterprise.
The Benefits of PLM
- Reduced time to market
- Improved product quality
- Reduced prototyping costs
- More accurate and timely Request For Quote generation
- Ability to quickly identify potential sales opportunities and revenue contributions
- Savings through the reuse of original data
- A framework for product optimization
- Reduced waste
- Savings through the complete integration of engineering workflows
- Ability to provide Contract Manufacturers with access to a centralized product record
The Five Primary Areas of PLM
- Systems Engineering (SE) – meets all requirements, primary meets customer‘s needs, and coordinates the Systems Design process by involving all relevant disciplines
- Product and Portfolio Management (PPM) – manages resource allocation, tracks progress vs. plan for projects in the new product development projects that are in process (or in a holding status)
- Product Design (CAx)
- Manufacturing Process Management (MPM)
- Product Data Management (PDM) – captures and maintains information on products and/or services through their development and useful life
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