PLM (Product Life Cycle Management) is the process of running the entire lifecycle of a product from its beginning, through design and manufacture, to service and disposal. PLM's role is to integrate people, data, processes and business systems and facilitates product related information to companies and enterprise.
PLM management is based on Product Lifecycle management marketing program, where engineering & managing aspect of each & every product taken into consideration. It aims to gather information from managing descriptions & properties of a product through developing stages of life. Commercially, it behaves as life time product for market with respect to costs & sales. PLM cycle runs on corporate infrastructure depending on technology availability and advancement. It basically supplies all sorts of information to CRM (Customer relationship Management) & SCM (Supply Chain Management). Under this, manufacturing companies specifically focus on developing & managerial aspects of information about life products.
Key Benefits under PLM:
As per as documented results, it is quite advantageous in the market domain. Few of the major benefits are real-time support system, quality improved system, no prototype costs & more or less provide equal opportunities in terms of sales & revenue.
It is also benefited in designing framework for product optimization & reducing waste products. It saves the complete information from core engineering work patterns. Documentation helps in assisting complaints. It further benefits the ability to offer contract manufacturers on record time.
Arms of PLM Working Areas
PLM works primarily on different areas, such as System Engineering, Product & Portfolio management, Product Designing, process management & data management. The whole concept of PLM is centralized & managed by data controller. All product data & technological assets are used to access the information on PLM creation. PLM functioning can be observed from tools like CAD, CAM, & PDM. All these basic tools are integrated at the end to reach the cohesive result. It's not only limited to conceptualization & software integration but also expanded over multi-starrer business domain. PLM operational domains help to set the objectives & primary strategies of the system.
Product Life Cycle Management plans in a described manner & performed under traditional sequential engineering workflow. Orders of sequences are varying according to product & industrial requirements.
Workflow cycle begins with Conceiving, designing and ends with Servicing. Within this cycle, whole system is undergone detailed designing & validation process. Cycle also redefines tools & other manufacturing segments of simulation. Realization starts with formal quality checkup process & assessment. It carries forward with service, where we sell and maintain the key components. Ideally process goes through specific events as Ordering, Conceptualizing, Designing & then finally launching.
In marketing, PLM seeks to manage the alternative information about the development of the whole processes to make sure the best managing option of the product.