Product Life Cycle Management (PLM)

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

  1. Systems Engineering (SE) – meets all requirements, primary meets customer‘s needs, and coordinates the Systems Design process by involving all relevant disciplines
  2. 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)
  3. Product Design (CAx)
  4. Manufacturing Process Management (MPM)
  5. Product Data Management (PDM) – captures and maintains information on products and/or services through their development and useful life
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