Product Lifecycle Management (PLM)
Product Lifecycle Management (PLM) describes the integration of processes, data and business systems in a digitalised company through the use of an information management system. All areas of the product lifecycle are taken into account, from brainstorming, design and development to production, service and disposal. All data that accumulates during the development phases is stored in a central location. They provide a quick overview of the product status and inform you about all changes in all development phases.
A comprehensive understanding of the information throughout the entire life cycle, as well as the integration of all components, is necessary for the optimisation of the entire company. That's why all employees must benefit from PLM, not just those in the technical area. Thus, every employee benefits from the improvements through standardised procedures, automated processes and systematised documentation. In addition, the availability of relevant information at the right time enables work steps to be carried out more efficiently. In addition, cooperation within the company is raised to a new level.
Several people stand in front of an illustrated representation of a product life cycle.© Backlog vector created by katemangostar - www.freepik.com
The special thing about PLM is that by consolidating the systems, coherent data structures are created on the basis of which your company can make fact-based decisions in the future.
PLM can also be seen as a digitalisation platform on the basis of which a digital twin of the company can be built.