In Product Lifecycle Management (PLM), Products Are Maintained, Developed, Produced, And Recycled Throughout Their Lifetimes

 

Product Lifecycle Management (PLM)

Product Lifecycle Management software, as a technology, assists organisations in developing new products and bringing them to market. The software facilitates the tracking and sharing of data throughout the product value chain, from initial design to manufacturing, supply chain management and operations, and asset maintenance. Product lifecycle management (PLM) is the process of managing a product's lifecycle from conception to sales, service, and eventually retirement. In an age when innovation is critical to business survival and success, product lifecycle management (PLM) plays a critical role in assisting manufacturers in developing the next generation of products at a lower cost and with a faster time to market.

A Product Lifecycle Management system provides designers and engineers with real-time access to critical data. The system automates project management by connecting CAD (computer-aided design) data to a bill of materials and other enterprise data sources, such as integration with an ERP system, and manages this product data throughout the product development lifecycle. Product Lifecycle Management also keeps designers and engineers from working in a vacuum by providing access to external sources of information such as customer and analyst feedback on current products, performance data on products in the field, and visibility into the limitations of downstream processes such as manufacturing.

While PLM can also be interpreted as a business strategy, three fundamentals influence how teams work and organisations' ability to grow and thrive:

·        Access to and use of product definition information should be universal, secure, and managed.

·        Maintaining the integrity of that product definition and related information throughout the product's life cycle

·        Management and upkeep of the business processes that generate, manage, disseminate, share, and use information

Below are the 5 Phases of Product Lifecycle Management-

·        Design and concept:  The ideation phase, during which the requirements of a product are defined based on factors such as competitor analysis, market gaps, or customer needs.

·        Develop: The detailed design of the product, as well as any necessary tool designs, will be created. This phase includes product validation and analysis, as well as prototype development and field testing. This provides critical feedback on how the product is being used and what improvements are required.

·        Production and release: The pilot feedback is used to fine-tune the design and other components to create a market-ready version. The new product's production is scaled, followed by market launch and distribution.

·        Service and assistance: The time period following the launch of a new product during which service and support are provided.

·        Retirement: At the end of the product's lifecycle, its exit from the market, as well as any retrials or absorption into new concept ideas, must be managed.