What is product lifecycle management (PLM)?
Product lifecycle management (PLM) is the process of managing a product’s lifecycle from inception, through design and manufacturing, to sales, service, and eventually retirement.
The future of PLM and technology
Over time, it will become increasingly difficult to beat competitors to market, attract top talent, and produce the best products using sustainable practices. PLM can help to meet these demands with shorter, more conscientious design and product engineering cycles, but only if organizations invest in the technology required to get there.
Through IoT, more and more objects are becoming connected, allowing designers and engineers to see what is happening in the field as well as update products already in use. As McKinsey points out, this allows manufacturers to continue creating value for their customers throughout the lifecycle of their products.
Sustainable development continues to be a topic of importance for businesses, leading them to modernize their product development processes through green product design, manufacturing, and logistics. This will enable them to achieve full supply chain sustainability.