Unraveling the complexities and nuances of modern Product Lifecycle Management (PLM) solutions

Product lifecycle management (PLM) defines how to manage and automate product lifecycle processes, from product conceptualization to retirement. This paper outlines both the fundamental concepts and the key functional components of a PLM system. It describes key industry imperatives such as virtual product development, product-process-resources methodology, a collaborative PLM, and corresponding synthesis approach. Manufacturing Challenges in the Digital Age Today’s manufacturers, no different from their predecessors, are intent on achieving faster time-to-market and lowering costs. It is not just large enterprises that are involved. Increasingly, small and medium enterprises are also taking on complex design, often in regulated environments, and demanding similar speed and control over new product development and launch processes. Product Lifecycle Management (PLM) solutions today are a continuous source of innovation and improved industrial performance. The tools that enable this transformation result in products with strong value-add and establish collaborative business processes within both the company and the corporate ecosystem that optimize and control productivity. In the digital era, the stakes are higher. Companies need to shorten the time it takes to get a product from concept to production by operating a seamless end-to-end process, regardless of the location of different teams. For example, they must be able to exchange data and design products independently of a team’s location. Another key objective is to construct the entire product design cycle by building efficient information exchanges that enhance data traceability and minimize discontinuity across product development stages. Indeed, all the industrial processes leading to the manufacturing and maintenance phases must be transparent in order to ensure the accountability of any action taken. A key, rapid enabler of this is the complete virtualization of the PLM process to reduce the time and space requirements of the various PLM stages. Product Lifecycle Management (PLM) is the underlying system that supports the management and automation of product lifecycle processes, from product conceptualization to retirement. PLM enables companies to automate, monitor, and track product development and revision processes with their customers, suppliers, and employees. It is an important tool to manage the increasing pressures of mass customization, connected products, globalization, regulatory compliance, increased outsourcing, and product accountability. PLM applications, typically integrated with ERP systems, extend critical product information visibility and processes beyond engineering and IT departments, influencing multiple parts of the value chain. 3 Unraveling the complexities and nuances of modern Product Lifecycle Management (PLM) solutions Digital Manufacturing the way we see it