Product Life Cycle Management Defined
What is PLM, or Product Life Cycle Management? Good question and one we should define before we help you: decide if you need it, explain how it can help you and figure out what parts of it you need - or don't need. Product Lifecycle Management can be interpreted in numerous ways. Leading authorities provide their own interpretation of PLM, a variety of which are listed below:
"PLM is a strategic business approach that applies a consistent set of business solutions in support of the collaborative creation, management, dissemination, and use of product definition information across the extended enterprise, and spanning from product concept to end of life-integrating people, processes, business systems, and information. PLM forms the product information backbone for a company and its extended enterprise.