what is plm

PLM stands for Product Lifecycle Management. It refers to the strategic process of managing the complete journey of a product from initial ideation, development, service, and disposal. PLM software is a solution that manages all of the information and processes at every step of a product or service lifecycle across globalized supply chains. It integrates processes for each stage of a products lifecycle across globalized supply chains, making it easier to track and share data along the product value chain – from initial design and engineering through manufacturing, and supply chain management. PLM software is used in manufacturing to manage a product and its associated data through all stages of the product lifecycle. It enables geographically dispersed, multi-disciplinary teams to collaborate internally and utilize the digital thread to make design decisions that support sustainability initiatives. PLM software offers important capabilities for change management, allowing companies to manage changes and challenges that arise during the entire product lifecycle.