Product Lifecycle Management: an essential tool for almost any company

The Digital Revolution is in full swing. Companies are now having to deal with even higher demands in areas like cost efficiency, delivery capabilities, flexibility, traceability, and environmental protection. This makes professional Product Lifecycle Management (PLM) more important than ever.

Product Lifecycle Management can create huge opportunities – whether you’re working on a new product, launching a new, innovative company, or looking to adopt a new approach as an engineer or product manager.

Different industries, similar requirements

It doesn’t matter if you’re working in the aeronautical industry, developing new propulsion technologies for shipping, or even working on the smart refrigerator of the future: at the end of the day, the goal is to manufacture products in a cost-efficient way, to get them market-ready as quickly as possible, to continuously improve and optimize product quality, and, of course, to generate attractive sales figures. This is exactly where PLM comes in.

Central management of all data

Product Lifecycle Management is not always easy to define, for the simple reason that it covers the entire lifecycle of a product – from its initial development to its disposal and recycling. These are processes that usually involve huge amounts of data. Product Lifecycle Management records, processes, and makes this data available in as complete a form as possible.

In addition, PLM can be described as a strategic business approach, a process, or even a system. Whatever its definition, its purpose is always the same: to solve problems by managing data centrally, managing the technologies that provide access to this data, and bringing together and linking as many products and project participants as possible.

The benefits of PLM

So what can Product Lifecycle Management actually do for you? Here’s a summary of its main benefits.