Product Lifecycle Management (PLM) is the management of data and processes used in the design, engineering, manufacturing, sales, and service of a product across its entire lifecycle and across globalized supply chains. A PLM system manages all of the information and processes at every step of a product or service lifecycle, including data from items, parts, products, documents, requirements, engineering change orders, and quality workflows. PLM software allows designers and engineers to access critical data in real-time and streamlines project management by linking CAD data with a bill of materials and other enterprise data sources, such as integration with an ERP system, and manages this product data through all stages of the product development lifecycle.

PLM systems are widely used across manufacturing, with key industries including aerospace, automotive, and defense. PLM software is quickly becoming the lynchpin to business transformation because it provides the digital foundation and enterprise product record for a holistic product development and supply chain strategy.

A modern PLM system has several capabilities and use cases to aid the production process, including:

• Reduction of errors: Keeping track of all of the product information becomes challenging when software like excel, emails, dropbox, servers, and PowerPoint are used, which typically leads to chaos. Having a PLM streamlines workflow visibility into all product-related data eliminating work duplication, reduces the number of emails, meetings, and phone calls as well as time spent searching for or updating information.

• Open information sharing: PLM provides open information sharing between employees, partners, and customers, which works to speed up planning and development in the design phase, address complex issues in real-time, manage engineering challenges, create a customer and product connection, update pricing, product attributes, and sales information during product launch, improve product viability with information garnered by sales and marketing, and enhance products with sales and service input.

• Concurrent capabilities: PLM brings concurrent capabilities to the table, allowing design, engineering, simulation, marketing, engineering, manufacturing, and tweaks to the entire process to run at the same time. When a product is in the design and engineering phase, PLM allows changes to happen as the design is being tested. The ability to design in real-time expedites completion of a final product, which in turn quickens time-to-market and eventual profit.

In summary, a PLM system is a software solution that manages all of the information and processes at every step of a product or service lifecycle across globalized supply chains. It allows designers and engineers to access critical data in real-time and streamlines project management by linking CAD data with a bill of materials and other enterprise data sources, such as integration with an ERP system, and manages this product data through all stages of the product development lifecycle.