Product Lifecycle Management (PLM)

Product Lifecycle Management or PLM is a business strategy which integrates a processes, data, business systems and people in extended enterprise to improve competitiveness and business performance. It is an information management system which manages an information regarding the product from ideation to delivery or disposal. One of the main advantage of PLM system diminishes time to market of the product.

Product Lifecycle Management

PLM System Features

There are many features available based on PLM vendors and subscription costs.

1.Bill of Materials management 

 A bill of materials (BOM) also called as product structure coming under product data management. It is a list of parts, quantity of the parts needed to a final product, assemblies and sub-assemblies. A BOM is used for communication between manufacturing partners and designer within the industry or outside of industry. The bill of materials is used to validate the end product by virtually. Also can easily edit the part versions, revisions and variants.

2. Change management 

Organizational and individual change is never easy. Change management is a systematic approach that dealing with change both from the aspect of an organization and the individual. Changes are usually made within organization for improve the performance, profit, efficiency of product function or end user’s comfort. Engineering changes (ECs) are changes or modifications in forms, fits, functions, materials, dimensions of products. In change management change request can give to top management by anybody who use and manufacture a product. After giving engineering change request (ECR) it should be forward to top management with details of change.

Change Management

3. Document management 

The process of digital document management begins with the conversion of paper or other documents into digitized images. When files are scanned as digital copy which is stored on a hard drive or optical disc. Templates, or electronic index cards, can associate information, such as author, reference number, date created or key words, with a document. Which documents users can read and what actions they can perform on these documents depend on the level of security that the system administrator has assigned to them. It cares about version and revision of the document.

4. File management 

File management is about hierarchy of storage. It can be virtual hierarchy of electronic folder which stored in hard disc or optical disc. File management doesn’t care about the individual file it is a ‘black box’ based on the label of file.

5. Compliance Management 

Compliance management is the process which confirms that a set of people are following a given set of rules. The rules are referred to as the compliance standard or compliance benchmark, while the process is what manages their compliance.

6. Product data management 

Product data management (PDM) is the process of capturing and managing the information related to a product. PDM typically encompasses multiple product’s technical specifications, engineering models, design drawings, bills of materials (BOMs) and related documents.

7. Project management 

Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. The broad view of the project is resembles here.

8. Quote management 

Quote Management System allows you to respond to quote requests from customers and partners in a fast, easy and consistent manner. Quote management system that create, submit and track quotes and invoices. 

9. Requirement management 

Requirement management is a part of project management. It is a continuous process throughout a project. Requirements management is the process of collecting, analysing, refining, and prioritizing product requirements and then planning for their delivery. The purpose of requirements management is to ensure that the industry validates and meets the required things present in their product. 

10. Records management 

Records management is about tracking business decisions and actions not simply documenting the decisions and actions, but also all information required to contextualise and justify them. Also keep the information about the author of the record and details about who can modify or view that document.