What is Product Lifecycle Management?
Product Lifecycle Management Definition
Product Lifecycle Management (PLM) is the process of managing a product from initial concept and design through to manufacturing, launch, and eventual discontinuation. It covers the full lifespan of a product, with a focus on the development and engineering phases that happen before a product reaches the market.
How is PLM different from PIM?
PLM and PIM are frequently confused because both deal with product data, but they operate at different stages. PLM manages the creation of a product: specifications, materials, design files, compliance documentation, and manufacturing details. PIM takes over once a product is ready to sell, managing the commercial information needed to list, distribute, and market it across channels.
In practice, PLM is the upstream source: product data often flows from a PLM system into a PIM as a product moves from development into commerce.
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