Product Lifecycle Management (PLM) is an organizational approach that helps companies manage the life of a product from its inception to its delivery and eventual retirement. The PLM Framework enables a company to capture all the activities, decisions, data and relationships that make up this lifecycle. It provides a central location for all relevant product information, which can be shared, edited and accessed by any member of the organization. The framework also allows for collaboration between departments, so all stakeholders have access to the same set of data and insights. Leveraging the power of the PLM Framework ensures companies develop, launch and maintain products efficiently and effectively.