The Howdy Glossary - "Product Lifecycle Management" Category

Product Lifecycle Management (PLM) software is a strategic tool designed to manage the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal. PLM integrates people, data, processes, and business systems and provides a product information backbone for companies and their extended enterprise. This software helps organizations to streamline the process of product development, making it faster and more cost-efficient by facilitating collaboration among various stakeholders, including designers, engineers, suppliers, and manufacturers. Key features often include project management, document management, engineering change control, bill of materials (BOM) management, and configuration management. By providing a central repository for all information related to products, PLM software improves decision-making, enhances quality control, reduces time-to-market, and minimizes waste. This is crucial for businesses looking to innovate rapidly and maintain competitiveness in dynamic markets.