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Product Lifecycle Management |
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Product Lifecycle Management (PLM) involves the application of business strategies and improvement tools throughout the life-cycle of products and services. A central goal of PLM is to facilitate ongoing innovations whilst maximising the profitability and usefulness of products/services throughout their total business life-cycle i.e., from conception through to recycling or disposal. The successful outcome of PLM is reliant upon wide collaboration between all parties involved, and upon the sharing of relevant information throughout the product's life-cycle.
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The stage
Today, especially in the technology field, many products and services are likely to undergo rapid life cycle changes and have the potential for early obsolescence. Because of this, product/service differentiation, and the maximising of returns from the resulting increase in product/service development activities, is of particular importance. PLM offers organisations the opportunity to make dramatic gains in regard to the competitive differentiation of products and services and can enable organisations to optimise the financial returns achieved from their investments in product development.
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