product lifecycle management

What is meant by product lifecycle management?

Product Lifecycle Management (PLM) refers to a strategic approach for managing the entire lifecycle of a product from the initial idea, through development, manufacturing, use, and maintenance, to disposal. The goal is to optimize information flow, improve collaboration, and maximize product quality as well as time to market.

Typical functions of PLM software:

1. Product Data Management (PDM):

   • Management of product data and documentation
   • Central storage and versioning of design files and technical drawings

2. Project Management:

   • Planning and monitoring of development projects
   • Resource management and timeline tracking

3. Document Management:

   • Management of product-related documents such as specifications, reports, and certificates
   • Control over access rights and document approvals

4. Bill of Materials (BOM) Management:

   • Creation and management of bills of materials
   • Tracking changes and revisions

5. Change Management:

   • Management of product changes and change requests
   • Approval processes and traceability of changes

6. Quality Management:

   • Monitoring of product quality throughout the entire lifecycle
   • Management of inspection reports and quality assurance measures

7. Compliance Management:

   • Ensuring compliance with legal and regulatory requirements
   • Management of certificates and compliance documentation

8. Product Portfolio Management:

   • Management of the entire product portfolio of a company
   • Analysis of market requirements and product strategies