Life Cycle Management
In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, through service and disposal. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.
Product lifecycle management (PLM) should be distinguished from Product lifecycle management (marketing) (PLCM) PLM describes the engineering aspect of a product, from managing descriptions and properties of a product through its development and useful life, whereas, PLCM refers to the commercial management of life of a product in the business market with respect to costs and sales measures.
Product lifecycle management is one of the four cornerstones of a corporation's information technology structure. All companies need to manage communications and information with their customers (CRM-Customer Relationship Management), their supplies (SCM-Enterprise Resource Planning) and their planning (SDLC-Systems Development Lifecycle). In addition, manufacturing engineering companies must also develop, describe, manage and communicate information about their products.
One form of PLM is called people-centric PLM. While traditional PLM tools have been deployed only on release or during the release phase, people-centric PLM targets the design phase.