Product Lifecycle Management (PLM) is the process of integrating all parts of a product's life cycle, from conception to disposal of the product and its components. PLM combines an organization's broad vision for managing data, people, software, production, marketing, and overall product plans.
Product Lifecycle Management data analysis and sharing enable manufacturers to quickly alter designs and offer new features to match changing market needs, allowing them to react faster and at a lower cost than competitors. Digital PLM offers new business models, such as the selling of analytic data, to assist consumers to make better use of products by combining the voice of the customer with data held in PLM systems.
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