A PLM (Product Lifecycle Management) company is an organization that provides the tools, software, and services for companies to manage the life cycle of their products. These companies help companies manage product design, development, manufacture, and maintenance through the use of specialized software. Through PLM software, companies can improve product quality, increase operational efficiency, reduce operational costs, and accelerate product development.
Below are some of the tasks generally performed by PLM companies:
• Build a Digital Product Record: A digital product record helps companies track each stage of product development. Everything from design materials and production processes to regulatory compliance is documented in the product record.
• Automate Engineering Change Documentation: Engineering change orders must be documented and communicated across departments. PLM software can automate many of these tasks, allowing for more efficient tracking of changes.
• Streamline Approval Processes: PLM companies help streamline the process of approving and managing changes to data, documents, and process definitions.
• Enable Collaboration: By using PLM software, companies can enable collaboration among design and engineering teams located in different parts of the world.
• Supply Chain Integration: PLM companies enable companies to integrate and track supply chain information. Companies can stay up-to-date on the most current supply chain data, helping them minimize costs and improve efficiency.
Overall, PLM companies provide the tools, software, and services that companies need to manage the life cycle of their products. By automating key processes, streamlining approval processes, enabling collaboration, and integrating the supply chain, PLM companies help to reduce costs and increase product quality.