What Is Product Lifecycle Management?
1985…that was the year that American Motors Corporation was in search of a way to speed up the production of the Jeep Grand Cherokee so they could compete with the larger companies in the market.
Product Lifecycle Management gave them the ability to store documents, drawings, and designs in a central database that all departments were able to access. This access gave the design, engineering, and manufacturing departments a way to resolve issues faster and helped reduce changes in the engineering of the vehicles.
Are you asking yourself, “What is Product Lifecycle Management?” Keep reading to learn what you need to know for understanding Product Lifecycle Management (PLM).
Product Lifecycle Management Explained
PLM is the process used to manage a product’s lifecycle. Think about a product that you own. You don’t think about the product’s inception and what happens to get the product to the market and eventually your home. You might think about how long it will last but that’s about it.
A product’s lifecycle includes inception, design, manufacturing, sales, service, and retirement. PLM refers to the management of the data and processes that go along with the lifecycle of the product. It was a way to help engineers collaborate in the design and creation of products all the way to the decline of the products.
Today, the term refers to a software solution that manages and improves product development. It also tracks data and allows collaboration which is especially helpful with remote employees.
Product Lifecycle Management Tips
There’s a lot of pressure to beat your competitors when getting products to market and producing high-quality products using sustainable practices. How can PLM help? What tips can help you meet the demands?
Use the Internet of Things
The Internet of Things includes anything that is connected to an Internet network. This allows designers and engineers to see products in the field. They then have the ability to update products that are already out there creating new customer value throughout the lifecycle of the product.
Modernize Products
Use the PLM software to collaborate and come up with ways to use ‘green’ product design, manufacturing, and logistics to keep up with demands for more sustainable processes and products.
Improve Product Quality and Reliability
It’s important to use PLM to improve the quality and reliability of your company’s products. This will keep consumers happy. Use the software to do this while trying to reduce waste and material costs.
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Product Lifecycle Management Guide
Product lifecycle management includes a five-step lifecycle for goods from their beginning to their retirement. This is a manufacturing and marketing tool that helps companies decide whether or not to bring new products to the market. This data is critical for product development.
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