Product Lifecycle Management (PLM)

At its highest definitional level, Product lifecycle management (PLM)is a process for guiding products from idea through retirement to deliver the most business value to an enterprise and its trading partners.

PLM employs product information and business analysis to support product portfolio strategy, product life cycle planning, management of activities, and execution of those activities through each phase in a product’s life. The applications that support the business activities enabled through PLM include product ideation, design, engineering, manufacturing process management, product data management and product portfolio management.