Product lifecycle management (PLM) software manages data during the development of a product from inception through the manufacturing, servicing, and disposal processes.
Companies use PLM software to increase productivity and collaboration, improve quality, bolster creativity, and shorten time to market for a product. It is used across various industries, helping integrate data and documents, business systems, and people involved in the product creation process. It allows those involved to systematically track all the changes a product goes through during its development.
To qualify for inclusion in the PLM category, a product must:
- Manage product data throughout its lifecycle
- Provide a centralized hub for product data
- Have automation tools to increase efficiency