PLM (Product Life Cycle Management) is the process of running the entire lifecycle of a product from its beginning, through design and manufacture, to service and disposal. PLM’s role is to integrate people, data, processes and business systems and facilitates product related information to companies and enterprise.
PLM management is based on Product Lifecycle management marketing program, where engineering & managing aspect of each & every product taken into consideration. It aims to gather information from managing descriptions & properties of a product through developing stages of life. Commercially, it behaves as life time product for market with respect to costs & sales. PLM cycle runs on corporate infrastructure depending on technology availability and advancement. It basically supplies all sorts of information to CRM (Customer relationship Management) & SCM (Supply Chain Management). Under this, manufacturing companies specially focus on developing & managerial aspects of information about life products.
Key Benefits under PLM:
As per as documented results, it is quite advantageous in the market domain. Few of the major benefits are Real-time support system, quality improved system, no prototype costs & more or less provide equal opportunities in terms of sales & revenue.
It is also benefited in designing framework for product optimization & reducing waste products. It saves the complete information from core engineering work patterns. Documentation helps in assisting compliances. It further enhances the ability to offer contract manufacturers on record time.
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