Product Lifecycle Management (PLM) is a process used by businesses to track the progression of their products from concept to completion. The stages of PLM can be broken down into four key phases: Concept, Development, Production, and Retirement. At each phase in the cycle, businesses must make decisions about the product’s design, production, distribution and marketing.
The PLM process places an emphasis on quality control, cost effectiveness, and customer satisfaction at each stage. This helps ensure that the finished product meets customers’ expectations, while also providing insight into any potential areas for improvement. By following this streamlined framework, businesses can maximize their resources and capitalize on opportunities within their industry.