PLM is a process that manages the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal.

Product Lifecycle Management (PLM) is a process that helps organizations manage the entire lifecycle of their products, from conception and design to production, distribution, and retirement. It is a comprehensive approach to managing product information, processes, and resources throughout the entire product lifecycle. PLM enables organizations to streamline product development processes, reduce costs, and improve quality. It also helps them to better understand customer needs and develop innovative products that meet those needs. PLM can be used for both physical products and digital services. PLM is an important part of product management because it helps organizations manage the entire lifecycle of their products. It enables them to track changes in design specifications, materials used in production, cost estimates, and other important information throughout the product’s life cycle. This helps ensure that all stakeholders have access to up-to-date information about the product at any given time. Additionally, PLM can help organizations identify potential risks associated with their products before they become problems. PLM also helps organizations optimize their supply chain by providing visibility into inventory levels and supplier performance. This allows them to make informed decisions about when to order new materials or components and when to adjust production schedules accordingly. Finally, PLM can help organizations reduce costs by automating certain processes such as ordering materials or tracking inventory levels. Overall, Product Lifecycle Management is an essential tool for product managers as it provides visibility into the entire lifecycle of a product from conception through retirement. It enables them to make informed decisions about how best to manage their products throughout their life cycle while reducing costs and improving quality.

Let's look at an example. A company manufactures a product and wants to track its progress from the initial design phase to the end of its life. The company can use PLM software to manage the entire lifecycle of the product, including design, development, production, distribution, and retirement. This software can help the company track costs, monitor quality control, and ensure compliance with regulations. It can also provide insights into customer feedback and usage patterns.