Product Life Management System (PLMS) is a comprehensive approach used to manage the lifecycle of a product from its conception to retirement. It documents and tracks all the processes and activities related to a product, including design, development, launch, marketing, sales, maintenance and support. PLMS helps streamline operations and ensure that products remain competitive throughout their lifetime. By utilizing PLMS, companies are able to increase productivity, reduce costs, optimize resources and develop better products. With a well-designed PLMS in place, businesses can create customer satisfaction and increase profits.