What is product lifecycle management?
Product lifecycle management (PLM) is the process of collecting, analyzing and sharing information about products—from their design to manufacture, sale, use, repair and disposal or recycling. Digital PLM extends the range of data beyond the enterprise to intelligence about how customers use a product in the real world.
What are the business benefits of product lifecycle management?
The analysis and sharing of PLM data helps manufacturers quickly adapt designs and introduce new features to meet changing market needs more quickly and less expensively than competitors. By adding the voice of the customer to data stored in PLM systems, digital PLM enables new business models, such as the sale of analytic data, to help customers make better use of products.