Product lifecycle management: An overview

Product lifecycle management (PLM) is a strategic process that guides companies through the entire journey of a product from ideation to retirement. It ensures products are developed efficiently, cost-effectively, and in line with customer needs by fostering strong collaboration across cross-functional teams and leveraging software tools. PLM encompasses stages such as ideation, design, development, production, growth, and retirement, helping companies manage resources, reduce risks, and shorten time-to-market. Key PLM software like JIRA, Siemens Teamcenter, Oracle Agile PLM, SAP PLM, and Arena Solutions offer features that enhance workflow management, quality control, and collaboration, tailored to different company needs. Implementing PLM successfully requires choosing appropriate software, ensuring clear communication, providing necessary training, and maintaining data accuracy. This framework not only streamlines product development but also improves customer satisfaction by rapidly adapting to market changes and feedback.