Product Lifecycle Management (PLM) is the process of efficiently and effectively creating a product over its entire lifespan. This includes everything from the initial planning stages all the way through to the end-of-life phase, including design, production, launch, and support activities. By using specific tools and processes, businesses can ensure that their products are created with maximum efficiency and cost-effectiveness. PLM helps organizations streamline communication within different departments, automate tasks, reduce development time and errors, and maintain consistency throughout the product’s lifecycle. In short, it allows for companies to deliver better products, faster – and ensure that they remain competitive in today’s ever-changing marketplace.