What is Product Lifecycle Management?
Product Lifecycle Management has multiple meanings. Firstly, It’s a way of doing things and the process. Secondly, it is a software and solution to the problem, thirdly, it is a new approach to how complicated products should be developed in a modern world.
What is PLM software?
PLM software evolved when large companies started building complex products which involved multiple versions.
In modern times, the PLM software is being used by all industries and products, because the product data is very useful for developing the product and ensuring that it reaches the right customer as planned.
The main purpose of a product lifecycle management solution are:
- To help in developing new products using CAD software
- Production and manufacturing of the product
- Bringing it to the Customers / Market
Product lifecycle management solution should do the following
- CAD metadata with a bill of materials should be linked together
- workflows for organizations that are needed to bring products to market should be managed
- Movement of product data through the different stages of the product development should be managed.
What is the future of product lifecycle management solution:
PLM will close the feedback loop
Currently, there are a lot of sensors on machines to collect data, but the organizations will always like to collect data easily.
IoT does help in collecting data but we think PLM is going to be the next major solution used to capture data and help in designing the product.
PLM will fill this gap and provide webhooks to link IoT which will provide useful data.
PLM will be in the cloud
Cloud-based product is the future of PLM as well and that requires no justification. Moving to become a cloud-based product solution is the way forward.
To conclude, PLM will become the most important software for all product development. Data-driven product development is the thing in the modern approach to product development process used for all kinds of products. Unlike the older times, the modern Saas based model makes the Demand Solutions PLM an affordable solution for the Smaller and middle-level businesses to utilise the solution and deliver products efficiently.
