Product Life Cycle Management (PLM) is a comprehensive process that helps organizations optimize the use of resources in order to maximize profits, reduce costs and improve quality. It involves managing all stages of a product’s life, from ideation and design through production and marketing to its eventual retirement or disposal. By taking an integrated approach, companies can ensure that the whole lifecycle of the product is managed efficiently and effectively. This entails managing product performance and reliability, maintaining regulatory compliance, responding quickly to customer demands and introducing new products to the market faster. PLM provides companies with the tools to plan for success across the entire product life cycle, helping them remain competitive in an ever-changing marketplace.