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Product lifecycle management (PLM) refers to the management of data and processes used in the design, engineering, manufacturing, sales, and service of a product across its entire lifecycle and across the supply chain. Product lifecycle management has a long history in the manufacturing space, but as it stands today, the term generally refers to a software solution and a broader use case beyond just the manufacturing process.
Companies that manufacture goods experience a range of issues outside of the scope of design and manufacturing. Product lifecycle management (PLM) mitigates those issues and helps align and integrate key resources, quickly making product information accessible to teams across the organization.
PLM was originally designed to help engineers collaborate on the latest product designs and control information across the lifecycle of a product. But because their technology stack was on-premise, PLM solutions focused only on internal employees. Today, product lifecycle management as a methodology has evolved to include a larger portion of the organization, including customer service, marketing, sales, suppliers and partner channels.
Because of the strong focus on engineering, original PLM solutions were built with the engineer in mind. Legacy PLM was created to help engineers increase productivity, accelerate time to market, and lower product costs. Today’s next-gen PLM software includes new benefits of product lifecycle management across the entire organization and allows for faster customer responsiveness and greater customer transparency, greater product quality even for complex products, helping boost revenue and get products to market faster.
Vault is product data management (PDM) software that improves productivity. Everyone works from a central source of organized data—collaborating, reducing errors, and saving time.
PLM helps you accelerate your product development processes across all departments and locations by automating workflows, key tasks, and delivering timely information. Because Fusion Lifecycle is on the cloud, everyone has access to the data they need anytime, anywhere.