Product Lifecycle Management (PLM) is defined as the business activity of managing, in the most effective way, a company’s products all the way across their lifecycles; from the very first idea for a product all the way through until it is retired and disposed of.
PLM is the management system for a company’s products. PLM manages the whole product range, from individual part through individual product to the entire portfolio of products.
Everyone participating in a company’s PLM activities should have at least a basic understanding of the Five Pillars of PLM :
- Business Processes
- Product Data
- Information Systems
- Organisational Change Management (OCM)
- Project/Program Management
Find out more about the Five Pillars of PLM in Volume 1 of the 4th edition of Product Lifecycle Management: 21st Century Paradigm for Product Realisation.
Find out more about the product lifecycle in Products2019: A project to map and blueprint the flow and management of products across the product lifecycle: Ideation; Definition; Realisation; Support of Use; Retirement and Recycling.
Take the Basics of PLM course to learn how to participate more fully in a company’s PLM Initiative and other PLM activities.