Product lifecycle management (PLM) is a process used to create, manage and optimize the lifecycle of a product from its conception to its disposal.
The main objectives of PLM are to:
- Improve the quality of products
- Reduce the time it takes to bring products to market
- Reduce the cost of developing and managing products
PLM systems typically include tools to help with tasks such as:
- Product development
- Quality management
- Regulatory compliance
- Marketing and sales
- Customer service and support
In order to be effective, PLM must be integrated with other business systems such as ERP, CAD and CRM.