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A PLM program in manufacturing manages products and all of the information associated with them throughout the product life cycle. PLM systems provide an overview of the product design process for all stakeholders in the manufacturing industry. They're also used by product designers for computer aided design. Finally, the software is used for manufacturing and production purposes.

Let's take a deeper look.

Ready for a deep dive into acronyms? PDM is a software tool that helps with product development, primarily tracking technical information. PLM software, on the other hand, goes way beyond the product development software first stage. It tracks product information past the initial technical and development phases of enterprise product, all the way to product retirement.

PLM technology helps businesses maintain a detailed, time-stamped history of product changes. The second you begin designing a product in your PLM, the digital thread begins. Thus improving the integrity of your audit trails. It reduces the potential for fines, delays and lost sales from products that don't comply with regulations.

For bonus points, a PLM solution is even used for product management after the product makes its exit from the factory. It covers every phase throughout your supply chains, from delivery to retirement.

Product Lifecycle Management (PLM) software is used to manage the entire lifecycle of a product, from its conception and design to manufacturing, distribution... even disposal. Here are the key applications of PLM enterprise software:

1. Centralized data management

   PLM software provides a centralized repository to manage all product-related data. This includes design files, product specifications, bills of materials, supplier information, and manufacturing instructions.

   With PLM, all stakeholders can access accurate and up-to-date data. This promotes collaboration and reduces the errors that occur when working with outdated or inconsistent data.

2. Collaboration and communication

   A PLM solution facilitates cross-functional team collaboration. It facilitates communication and information sharing among team members, such as design, engineering, manufacturing, and marketing –– even if they're located in different departments or even countries.

   The result? Faster decision-making, reduced rework, and improved efficiency across supply networks.

3. Streamlined product development process

   PLM software helps streamline product development by providing tools for product design, 3D rendering, and analysis. It allows teams to create, modify, and validate product designs in a virtual environment, significantly speeding up the time-to-market and reducing the opportunity for human error.

4. Supply chain management

   PLM software helps manage global manufacturers supply chain by integrating with other enterprise systems, like enterprise resource planning (ERP) software and API integrations. It enables companies to track and manage suppliers, source components and materials, and optimize the supply chain for efficiency and cost-effectiveness.

5. Regulatory compliance and quality management

   PLM solutions help retail teams comply with regulatory requirements and quality standards. They do this by maintaining present and historical records of product specifications, testing, and certifications.

   Thus facilitating traceability and ensuring products meet all relevant environmental, safety, and quality standards.

6. Service and maintenance

   PLM software goes way beyond the product development phase to support all requirements of products throughout their lifecycle. It lets companies track and respond to customer issues, manage warranties, and provide timely after-sales service.

PLM solutions were designed to enhance collaboration, further innovation, and accelerate product development. They facilitate quality management, optimize supply chains, and ensure regulatory compliance –– supporting the entire lifecycle of a product, from inception to end of life.

More acronyms for you here: PLM means Product Lifecycle Management, while PLCM stands for Product Lifecycle Cost Management. They're two related but distinct concepts. PLCM refers to a business model that enables the commercial management and sale of products, with regard to costs and sales measures.

1. Product Lifecycle Management (PLM)

   PLM refers to the practices, processes, and technologies used to master the entire lifecycle of a product, from its conception and design through manufacturing, distribution, and eventual retirement.

   It encompasses activities including product development, engineering, change management, collaboration, document management, and version control. A PLM solution aims to improve product quality, accelerate time-to-market, reduce costs, and enhance collaboration and communication among different teams throughout the product lifecycle.

2. Product Lifecycle Cost Management (PLCM)

   PLCM, on the other hand, focuses specifically on managing the costs of a product throughout its entire lifecycle. This involves estimating, tracking, and updating the costs incurred during product development, manufacturing, distribution, maintenance, and disposal.

   PLCM aims to optimize costs, home in on opportunities for cost reduction, make informed decisions around pricing, and ensure that the product remains financially viable over its lifespan.

In short, PLM is a broad concept that covers everything about product management; PLCM, on the other hand, is a small aspect of PLM that deals specifically with cost-related activities. Both PLM tools and PLCM are crucial to help organizations effectively manage products, while minimizing costs.

Product Lifecycle Management software (PLM) software and PDM are related, but distinct concepts in the field of product development and lifecycle management. The two terms are often used together, but they serve different purposes.

Let's take a look:

Product Lifecycle Management software is a comprehensive system of management throughout the entire lifecycle of a product, from conception and design to manufacturing, distribution, and eventual retirement.

It streamlines people, data processes, and other business systems across numerous departments and functions within an organization. These include engineering, manufacturing, supply chain, frontline marketing, services, and sales.

The core goal of Product Lifecycle Management software is to enable efficient collaboration, streamline processes, and aggregate product information. It provides a centralized repository for managing product information, such as: design specifications, bills of materials (BOMs), engineering, pricing details and other associated data.

PDM software manages and controls product data throughout its lifecycle. PDM systems are often a subset of a PLM system, but they can also be standalone solutions. PDM software is focused on managing engineering data, like CAD files, 3D models, technical drawings, and surrounding information. PDM software concentrates on engineering data and configuration management; PLM, on the other hand, is an umbrella term for a far broader range of functions.

Product Lifecycle Management software is a comprehensive platform encompassing the whole lifecycle of a product –– this includes design, manufacturing, and distribution. While PDM software focuses specifically on product introduction, as well as managing engineering data and documents. In short, PLM is a broad umbrella term that encompasses PDM functionalities.

If you're looking to expedite your time to market and innovation processes, you first need to understand that all PLM solutions are not created equally. Product lifecycle management solutions that are built to serve retail teams usually offer functionalities catered to the unique demands of the retail industry.

These include:

• The ability to communicate with teams about products in one centralized place.

• The ability to house and manage product data. 

• The power to loop in external stakeholders throughout the product development processes –– or if you use Surefront, throughout product development AND sales.

• The ability to automatically customize product listings for hundreds of eCommerce platforms.

• The power to customize product orders to unique retailers’ specifications. 

• The ability to request multiple quotes with a single click and ask for changes on the fly.  

• The capacity to view historical data to see who completed specific tasks. 

Many different features fall under the PLM umbrella. In light of this, you'll want to be sure to implement product lifecycle management software that has right features and the built-in integrations for your team’s unique needs. Retailers and suppliers need a unified PLM & PIM solution that’s industry specific.

Only unified collaboration platforms with PLM, PIM, and CRM tools give teams the option to interface with external stakeholders –– such as buyers, suppliers, manufacturers, etc. And only a Unified Product Product Collaboration Platform can free your sales team from Excel documents and email communications. 

We take a deeper dive into PLM solutions in The Ultimate Guide to Product Lifecycle Management Software, which you can find here.