What is Product Lifecycle Management (PLM)?

More than simply software, PLM is a holistic approach to product development. It incorporates every aspect of a product’s lifecycle - from innovation through to repurposing, reuse and recycling.

What is Product Lifecycle Management (PLM)?

When implementing PLM in your organization, each of your teams should be prepared to take on an entirely new approach to product development.

PLM platforms are suites of connected software bringing together people, processes and data. Creating a seamless collaborative environment. And making product creation simple, successful and sustainable. But the platform itself is only a set of tools that support your teams in their individual roles. So, let’s break down each phase of a product’s lifecycle and see how PLM supports, enables and enhances your teams’ performances.

What is a Product Lifecycle?

Innovation & Design

The product lifecycle begins with a basic concept or idea. Here, new product ideas are explored, and the most promising ones are selected for development. Innovators design new and improved product solutions, bringing your product to the level of maturity necessary to begin design development.

The design stage of product development covers a range of engineering disciplines. During this development phase, product designs are matured, materials are selected and both virtual and real prototypes are created for testing until they meet the respective operating conditions. Most importantly, this phase is repeated to ensure that customer requirements are met with a well-defined product.

Data Management & Simulation

CAD Data management enables organizations to easily access detailed product design information, making the most of current and historic design versions. This product data, your organization’s Intellectual Property (IP), is kept secure and accessed only by those with appropriate permissions.

Next, validation, simulation and optimization tools and used to perform various product tests. These range from Stress Analyses to Finite Element Analysis or Computational Fluid Dynamics. Digital twins provide a fully functional simulation model of your product. These can react to real time data and provide invaluable insight when it comes to real world analysis of your product.

Product Lifecycle

Manufacturing & Marketing

After your design is complete, product manufacturing begins. This phase is defined by the tools and methods used to produce your product. PLM tools such as Production Planning, enable organizations to develop more agile and efficient production processes. This phase is key to achieving a faster time-to-market. And to manufacturing a successful product at launch.

Next, a marketing strategy is developed to identify your key target audience. Various communication modes and methods are applied to convey your unique product vision. PLM solutions provide comprehensive tools to support marketing teams in bringing your product to market.

Maintenance & Repurposing

But this is not the end of the story. Companies continue to collect feedback on the product in order to maintain and optimize future product versions. This valuable product data is used to report on real world performance.

Maintenance, repair and operations tools enable you to provide vital in-service support to your customers. And this information can also be used to prepare your product for the next phase of its lifecycle.

PLM platforms enable organizations to participate in the circular economy, maintaining value in the product lifecycle, by providing the necessary tools to close the manufacturing loop. PLM can even help you to recycle, reuse and repurpose component parts of your product at the end of its lifecycle. This helps to reduce waste and can even cut back resource outlay in future product development. And, where materials are unable to be repurposed, PLM helps to ensure the responsible handling of waste.

PLM is a Holistic Approach

We say that PLM brings together people, processes and data. Because PLM is more than any individual phase of the product lifecycle. It’s about ensuring that valuable, valid data is accessible to the right people, and applied to the right process. No matter where, when or how that data is needed.

So, when used correctly, PLM supports global collaboration throughout your organisation. In fact, PLM even supports collaboration outside of your organization for supply chain management and more.

It can help individuals across your organization become more efficient, to better visualize complex processes, and to ensure the security of intellectual property (IP).

It can even help you to determine whether a product has successfully moved between stages of development. Whether there might be delays, and how you can efficiently plan changes in any aspect of development.

PLM is a Seamless Collaborative Environment

PLM provides the right tools for your product in a targeted and effective manner as it moves through the various development phases. For example, Computer Aided Design (CAD) tools allow you to create parametric models that can be quickly customized as needed.

Computer Aided Engineering (CAE) tools allow you to simulate and test your design in a virtual, realistic environment.

Computer Aided Manufacturing (CAM) tools enable virtual manufacturing and enable engineers to identify potential manufacturing problems before building a manufacturing facility.

Some PLM systems available on the market today provide single sign-on access to multiple CAD, CAE, and CAM tools. This improves productivity and efficiency by working on the same data from different people at each stage of product development.

The single sign-on platform also functions as a central database and avoids duplication of data. So, everyone connected to the platform can access the latest data at any time, and their changes are immediately available to everyone else with access. This allows stakeholders to review and verify changes, bringing the product to the next stage of its lifecycle.