What Is Product Life Cycle Management?
Product life cycle management (PLM) is a system of storing and managing all the data related to the life cycle of a product from the initial concept and design plans to production and disposal at the end of the product’s life. Businesses using product life cycle management attempt to store data where the company and its partners can easily access it. Product life cycle management does not deal with the physical product itself, but rather with all the business and engineering information required for the product to have a successful life cycle. This helps everyone keep technical terms and plans organized, and lets all people involved know exactly where the company is in production.
