Product LifeCycle Management
Product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.
Product Lifecycle Management (PLM) is more to do with managing descriptions and properties of a product through its development and useful life, mainly from a business/engineering point of view; whereas Product life cycle management (PLCM) is to do with the life of a product in the market with respect to business/commercial costs and sales measures. PLM is the title commonly applied to a set of application software that enables the New Product Development (NPD) business process.
Within PLM there are four primary areas:
- Product and Portfolio Management (PPM)
- Product Design (CAx)
- Manufacturing Process Management (MPM)
- Product Data Management (PDM)
A number of established methodologies have been adopted by PLM and been further advanced. Together with PLM digital engineering techniques, they have been advanced to meet company goals such as reduced time to market and lower production costs. Reducing lead times is a major factor as getting a product to market quicker than the competition will help with higher revenue and profit margins and increase market share.
These techniques include:-
- Concurrent engineering workflow
- Industrial Design
- Bottom-up & Top-down design
- Sales Intelligence CRM
- Modular design
- NPD New product development
- Digital simulation engineering
- Requirement driven design
F1 provides resources to strategize, implement and customize PLM systems and processes.
