Product Lifecycle Management (PLM) is a systematic approach to managing the series of changes a product goes through, from its design and development to its ultimate retirement or disposal phase.

A PLM software application can help an organization manage their product’s lifecyles by providing a data warehouse for all the information that affects the product. It can also be used to automate the management of product related data and integrate the data with other business processes such as enterprise resource planning (ERP) and manufacturing execution systems (MES). The goal of PLM is to eliminate waste and improve efficiency. It is considered an integral part of the lean production model.

The real power of PLM technology doesn’t come from the individual capabilities, however, but from their integration. PLM helps companies take a cohesive, holistic view of their products and product-related processes. Keeping product information centralized provides companies valuable efficiencies and helps them better manage the impact of changes. It helps companies manage the complexity of today’s products, including the shift toward smart, systems-oriented products that combine mechanical, electronic and software capabilities.