Overview of Product Lifecycle Management (PLM)
Product Lifecycle Management (PLM) is a comprehensive process that encompasses the entire lifecycle of a product, from its conception to its disposal. PLM integrates people, data, processes, and business systems, providing a backbone for product information management within organizations and their extended enterprises.
History and Origins
PLM emerged from American Motors Corporation (AMC) in the 1980s. Seeking faster product development, AMC developed a system that integrated computer-aided design (CAD) software and a centralized database for product data. This innovation revolutionized the industry and led to the establishment of PLM as a critical business process.
Forms and Applications of PLM
PLM systems assist organizations in managing the increasing complexity of product development and engineering challenges. It is a cornerstone of a manufacturing corporation's information technology structure, alongside customer relationship management (CRM), supply chain management (SCM), enterprise resource planning (ERP), and product planning and development (PPM).
One form of PLM is people-centric PLM, which focuses on the design phase, while traditional PLM tools are deployed during the release phase. ICT development has also extended PLM to include sensor data and real-time event data, known as Closed-Loop Lifecycle Management (CL2M).
Benefits of PLM
PLM offers numerous benefits, including:
- Reduced time to market
- Increased full-price sales
- Improved product quality and reliability
- Reduced prototyping costs
- Accurate and timely quote generation
- Savings through original data reuse
- Framework for product optimization
- Savings through integrated engineering workflows
Lifecycle Stages and Corresponding Technologies
PLM encompasses five primary areas:
- Systems engineering (SE)
- Product and portfolio management (PPM)
- Product design (CAx)
- Manufacturing process management (MPM)
- Product data management (PDM)
Each stage utilizes a range of software tools and methods, including CAD, CAM, CAE, CPM, and MRO.
User Skills and Techniques
PLM solutions require a broad spectrum of skill sets. To address the user experience, role-specific user interfaces are available. Additionally, concurrent engineering workflow, design in context, modular design, and other techniques are employed to enhance collaboration and reduce lead times.
Top-Down, Bottom-Up, and BEATM Design
In PLM, various design approaches are employed:
- Top-down design focuses on high-level functional requirements and may neglect current implementation technology.
- Bottom-up design prioritizes real-world physical technology capabilities.
- Both-ends-against-the-middle (BEATM) design combines the strengths of top-down and bottom-up design.
Market Size and Future Trends
PLM investments have experienced significant growth since 2010. In 2020, the market was valued at approximately $26 billion, with an estimated compound annual growth rate of 7.2% from 2021 to 2028. Demand for PLM software and services is expected to continue as organizations seek solutions for management functions, including change, cost, compliance, data, and governance management.