Product lifecycle management (PLM) is a strategic business approach that helps enterprises to achieve their
business goals of reducing costs, improving quality, and shortening time to market, while innovating their
products, services, and business operations (Grieves, 2005). The core concept of PLM provides a definition
of a completed product including all information and processes required to plan, develop, manufacture and
support the product from concept through the end of its life integrating people, processes, business systems,
and information. PLM allows effective communication among different groups at dispersed locations to share
ideas and access information needed for developing new products and executing innovative processes. PLM is
also a strategic business approach that forms the product-information backbone for a company and its
extended company (Saaksvuori & Immonen, 2003). PLM can help enterprises to quickly develop and deliver
products that drive enterprises’ business. With PLM, enterprises gain the following benefits: