Product Lifecycle Management (software). Software tools used, primarily by industrial manufacturing companies to document and support the complete life cycle of their products and to devise and manage ancillary services, such as product maintenance. PLM products are increasingly integrated with ERP and CAD software.
Acronym for Product Lifecycle Management A business strategy that helps companies share product data, apply common processes, and leverage corporate knowledge for the development of products from conception to retirement across the extended enterprise. By including all actors (company departments, business partners, suppliers, OEM, and customers), PLM enables this entire network to operate as a single entity to conceptualize, design, build, and support products. Defined broadly, PLM is an information-driven approach to all aspects of a productâ€™s life, from design to manufacture to deployment and maintenance, eventually ending when the product is removed from service and disposed. Imagine all of these steps enabled by a set of highly integrated processes, methods, and tools. PLM systems are really an outgrowth of product document management, or PDM systems, and are geared more toward CAD data than simulation data.