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Product lifecycle management (PLM) software enables an organization to manage all aspects of their product development process, from the initial idea through to retirement and disposal.
PLM software allows leaders to efficiently manage innovation or iterations to products, designs, or documents. It provides a centralized storage location for all product data. Automated tools streamline and simplify the lifecycle management process.
Many PLM tools tend to specialize on providing solutions for specific industries. Thus, they may provide just one or several of these things:
Change management
Design feature management, including tracking of feature requests
Design drawing revision management
Quality management
Collaboration solutions
Training management
BOM management
Compliance management
Document control or design software management
Requirements management
Item management
Supplier relationship management
Implementation with Agile methodologies
Implementation of PLM software can help an organization reduce prototype costs, increase collaboration, improve quality, shorten time to market, and ensure compliance to industry standards or regulations.
The cost to implement a PLM solution varies greatly. Some software companies offer a straightforward pricing scheme in the $13 to $150 per month range. However, the cost of most solutions must be obtained by contacting the company for a quote based on your company size, implementation complexity and number of average users.
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