What Does Product Lifecycle Management Mean?
Product Lifecycle Management (PLM) is a systematic approach to managing a product’s lifecycle from inception to disposal. PLM serves as a product backbone by integrating human skills, data and business processes, e.g., enterprise resource planning (ERP) and manufacturing execution systems (MES).
PLM is linked with the manufacturing industry but is also applied to software development and services.
Techopedia Explains Product Lifecycle Management
PLM differs from product life cycle management (marketing) (PLCM), which approaches products in terms of costs and sales. PLM servers as a product’s engineering system framework, i.e., specifications and attributes are managed throughout a product’s lifecycle.
PLM is one of five information technology (IT) structural elements, which are the foundation for organizational data and communication systems, as follows:
- Product Lifecycle Management (PLM)
- Customer Relationship Management (CRM)
- Supply Chain Management (SCM)
- Enterprise Resource Planning (ERP)
- System Development Life Cycle (SDLC)