What is Product Lifecycle Management (PLM) and PLM Software?

Product lifecycle management, also known more commonly as PLM, is the strategic process of managing a product’s lifecycle from ideation, development to sales and even end of life. PLM drives an eco-friendly and ethical business model, streamlining production, reducing errors and empowering effective team collaboration, ultimately saving time and money; a strategy that’s vital for all consumer goods companies around the world.

Essentially, any company that makes multiple products at once – with people collaborating across different offices, countries and timezones – uses a product lifecycle management process in some way or other.

Today, the term ‘product lifecycle management’, typically refers to the software, the backbone technology that drives all product-related activities from concept to retail.