What is PLM? Is it important for Manufacturing?
A2. PLM is the management of products, and related services, across their lifecycles. It’s a strategic business activity for most companies that manufacture products. PLM becomes ever more needed as more and more work is outsourced. Implementing PLM includes tasks such as identifying and quantifying expected business benefits, defining new business processes, understanding data structures, managing knowhow, selecting appropriate application systems, training employees in new working methods (e.g., collaborative product development, sustainable development, integrating RFID feedback from products in the field, etc.). Market analysts estimate that the annual PLM market size may reach $20 billion. Industrial companies see PLM as a way of gaining competitive advantage. PLM is a relatively new paradigm, which makes it an excellent subject for research.
