Sunday 20 May 2018
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What is Product Life Cycle Management?

What is Product Life Cycle Management?

In various industries, Product Lifestyle Management refers to the process by which a system manages the entire life cycle of a particular product.  This includes everything from the inception of an idea and through the whole of the engineering process—manufacturing—finishing with service and the disposal of manufactured products.

When it comes to the Quantisweb manufacturing execution system, Product Lifestyle Management (also known as “PLM”) can effectively integrate, data, people, processes, and businesses—but on a much larger scale—in order to provide a better foundation for establishing the basic information of a new product.

The History of Product Lifecycle Management

Originally, the process we know today as PLM began in the mid-1980s at the American Motor Corporation.  During that time period, the automaker was looking for a new way to increase the speed at which they could develop new products to get a jump on competition.

The first model they release was the Jeep Cherokee. They then used this model as a kind of template for computer-aided design (CAD) of other models.  In this case, that new model—based on the old model—was the Jeep Grand Cherokee.  But on top of the addition of CAD American Motor Corps also developed a new communication system to improve the rate by which they could resolve problems and, therefore help to reduce the costs associated with making changes to engineering.  This works, fundamentally, because all data—concepts, drawings, designs, documents, etc.—are stored in one central database).

The Way We Use Product Lifecycle Management Today

These days, the concept is so common that when one industry finds a process that works, another industry will look for ways to adapt it.  In today’s industry, then, PLM serves as one of the most important engineering components of any product. In fact, it could be considered one of the four cornerstones of any manufacturing company’s information technology structure.  Regardless of the industry or business, every company in the world probably has the need to manage both sensitive information as well as communicate with customers and suppliers/fulfillment channels.

The Benefits of Product Lifecycle Management Today

 Today, PLM provides businesses in various industries with the following benefits:

  • improved product quality
  • improve product reliability
  • increased sale price
  • reduced prototyping costs
  • improved efficiency
  • improved cost to risk ratio
  • reduced waste
  • improved transferring of concepts
  • duplication