What is 'product lifecycle management' (PLM)?

Product lifecycle management (PLM) encompasses the comprehensive approach to managing a product from its initial concept through design, manufacturing, service, and ultimately, its disposal or recycling. This holistic view enables organizations to streamline processes, enhance collaboration across various teams, and optimize resource utilization throughout the entire lifecycle. By considering every stage—development, production, distribution, and end-of-life—PLM allows for improved efficiency, reduced time-to-market, and better alignment with consumer needs.

In contrast, managing a product only during manufacturing limits the scope of PLM and neglects critical phases like design and post-market assessment. Managing customer relationships throughout the product's life focuses on customer interaction rather than the broader aspects of product management itself. Lastly, concentrating solely on product launch strategies disregards the importance of other significant lifecycle stages, such as maintenance and disposal, which are crucial for long-term product success and sustainability.