PLM Intro
PLM Intro
PLM Intro
Patil
Product lifecycle management (PLM) refers
to the handling of a good as it moves through
the typical stages of its product life:
development and introduction, growth,
maturity/stability, and decline. This handling
involves both the manufacturing of the good
and the marketing of it. The concept of
product life cycle helps inform business
decision-making, from pricing and promotion
to expansion or cost-cutting.
Organizations can no longer afford to take a lot of time to develop and introduce
their products to the market.
Also in line with the various business processes, which too are getting more
complex with time, the products are also evolving and getting more advanced.
This has created a need for the businesses to have a better operational model to
support the product development, precisely because in its absence, it will be
challenging for the businesses to manage all the different aspects of creating a new
product. And in such scenario, product development will inevitably run late and
exceed its budget.
The need of the hour for the organizations is to make the product development
process more transparent and improve the efficiencies.
This will lead to more innovations, shorter product development cycles, and faster
time-to-market, among other things. And what helps them in achieving all this? A
PLM system.
THANK YOU
The essential elements of PLM are: