Product Life Cycle Management is the process of managing the entire life cycle of a product from initiation. This process includes Engineering design, manufacture, disposal of manufactured products and servicing of Products.
PLM consolidates people, data, process and business systems. With the help of this information, it provides all necessary information for companies and their associates.
PLM systems help companies to overcome the complexity and engineering challenges for developing new competitive products. Developing such products require a management to transact communications and information with their targeted customers. Associated terms are:
i. CRM-Customer Relationship Management
ii. SCM- Supply Chain Management
iii. ERP- Enterprise Resource Planning
iv. PLM- Product Planning & Development
Development Process: - Product Life Cycle management includes following stages: -
i. Conceive: - It includes specification and conceptual design.
ii. Design: - It encompasses Tool design, validation & analysis and Detailed design of the product.
iii. Release: - It is comprised of plan manufacturing, Manufacture,Build or Assemble and Test.
Benefits: - Benefits of Product life cycle management include: -
i. Reduced waste
ii. Seasonal fluctuation management
iii. Reduced prototyping costs
iv. Maximized product supply
v. Improved product quality
vi. Improved reliability
vii. Reduced time for shopping
viii. Product optimization
ix. Savings through the re-use of original product
x. Improved forecasting to reduce costs
Limitations: - It has the following limitations: -
i. Historical data is not helpful for related forecasting.
ii. This model functions well when the environment is relatively stable.
iii. Theory does not conform to the Reality.
iv. The life of individual product is longer than the individual brand life cycles.