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What is Product Lifecycle?

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In the early nineties, PLM was widely accepted as the definition of product lifecycle management, as it integrates finance, human resources, production and inventory management, as well as product data management, computer-aided manufacturing and engineering and mechanical computer- Functional design and manufacturing technologies that integrate them. But in the 20 years that we have passed, this point of view has largely lost its dominance and become a matter of great debate.

Product Lifecycle
Product Lifecycle

 The new definition of informatics and PTC makes it clear that 21st century for product lifecycle.

  • PLM has become an integrated, enterprise-wide global software solution that enables companies to increase their productivity in the product lifecycle. We can say that all of these developments in the PLM context are directly related to the Bill of Materials (BOM) multi-layered structure, which includes all the basic information that producers design, manufacture, support and service their products.

Today’s PLM software solutions strive to optimize the entire Product Life Cycle – from product lifecycle to product lifecycle management – and from concept to product lifecycle management.

  • Each activity that influences, changes or finalizes the Product Trees is a factor that affects the operational efficiency of the producers and all these activities are included in the PLM solution.
Product Lifecycle
Product Lifecycle

A successful PLM solution:

  • The “essential” PLM capabilities provided through the seven core PLM components – Document Management, Embedded Visualization, Workflows, Multi-CAD Data Management, Interoperability, Complete Product Tree Management and Change and Configuration Management –
  • High performance, complemented with effective data replication, characterized by robust security with internet-based and interoperable features; Single and scalable PLM system architecture and infrastructure, Easily integrated with added value features such as requirements management, program portfolio management, product logical analysis, production process management, quality management, component and supplier management and service.
Product Lifecycle
Product Lifecycle

Here are seven other reasons why manufacturing industry analysts might believe PLM would be a factor in changing the rules of the game for the manufacturing sector:

  • PLM software; Product-to-market time, operational efficiency, regulatory compliance and low production costs.
    • Similar to the development of ERP, PLM is also a technology in the console that offers significant total-possession-cost benefits.
    • Unlike ERP, which focuses solely on cost-reducing initiatives; PLM focuses on both cost reduction and growth.
    • While accepting the effects of costs on profitability, it is important to ignore that growth is four times more effective than cost reduction and more sustainable in “unlimited” earnings growth.
    • PLM enables product-centric organizations to achieve sub-level objectives while struggling with product development life-cycle challenges such as product complexity and globalization.
    • PLM solutions have reached a significant level of maturity in the development process, as the investment-return (ROI) potential that they have becomes a commercial necessity for top-level managers.
    • The “Product Lifecycle Management (PLM)” system, which is the Turkish product lifecycle management, is increasingly in the industry. From one side of the PLM, the relationship and the flow of information between the customer and the supplier companies turn to the internet environment. This means that people or organizations can access this information from anywhere.
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