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Product Lifecycle Management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal.

It is one of the four cornerstones of a corporation’s information technology structure: CRM (Customer Relationship Management), SCM (Supply Chain Management), and ERP (Enterprise Resource Planning). In addition, manufacturing engineering companies must also develop, describe, manage and communicate information about their products (PLM).

PLM Benefits

Reduced time to market
Improved product quality
Reduced prototyping costs
Savings through the re-use of original data
A framework for product optimization
Reduced waste
Savings through the complete integration of engineering workflows

Product Lifecycle Management (PLM) is more to do with managing descriptions and properties of a product through its development and useful life, mainly from a business/engineering point of view; whereas Product life cycle management (PLC) is to do with the life of a product in the market with respect to business/commercial costs and sales measures.