Product Lifecycle Management (PLM) refers to the set of strategies deployed to manage a product throughout its lifecycle, from inception to retirement. Businesses rely on effective PLM strategies to reduce costs, shorten product development phases, and streamline work processes. It involves various stages, including ideation, design and development, production, distribution, utilization and support, and retirement.
Across diverse industries, PLM is utilised to speed up operational processes and help businesses gain a competitive edge. For manufacturers, it enhances product design, management of production processes, and supply chain logistics. Automotive industry players utilise PLM in handling complex vehicle designing and production processes. Aerospace and Defence sectors employ PLM to achieve compliance with safety standards while enabling innovation. In the consumer goods industry, it facilitates the monitoring of changing market trends and consumer attitudes.
In the quest for competitiveness, many companies now employ PLM software solutions. These solutions support efficient navigation through the various product lifecycle stages. Windchill, a top PLM software platform, offers superior features including 3D visualisation, version control, and efficient change tracking. Such a system enhances not only industry-specific challenges but also overall efficiency.
Implementing PLM comes with numerous benefits, including better collaboration, streamlining of processes, improved decision-making, cost savings, and better compliance and risk management.
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