Product Lifecycle Management (PLM) is an approach to managing a product’s life cycle from inception through innovation, development, production and final disposition. It ensures that teams have the right information on hand throughout all stages of a product’s life cycle, which helps them bring products to market faster and become more competitive. A PLM plan outlines strategies for streamlining processes, enhancing customer experience and tracking progress towards achieving strategic objectives. By taking a proactive approach to managing product lifecycles, businesses can better respond to market needs, trend changes and customer feedback – leading to improved customer satisfaction and ultimately higher sales.