Product lifecycle management (PLM) is an integral part of any business that deals with creating a certain product. It works to integrate all information gathered during the lifecycle of a product, which can lead to increased innovation, reduced costs and an increased competitive advantage. It is an information management system that can integrate data, processes, business systems and, ultimately, people in an extended enterprise. The right approach to PLM can improve the product quality, speed up the manufacturing process, and increase revenue.
