Product Life Cycle Management
Product life Cycle Management makes it possible to instruct the whole lifespan of a product and information related with it. Effective product life cycle management enables companies to compete successfully in international and global markets.
What is a product?
It is usually believed that a product means tangible goods. The term goods refers to physical, tangible products that can be owned traded and distributed to different places at different times without changing their identity. A product however in this modern world can be intangible such as, a piece of knowledge, software or a formula of an algorithm.
There are three different kinds of products that are mentioned below:
1. Goods meaning Physical, tangible Products
2. Services
3. Intangible products which mean non-physical products that are not services.
For Example: Software and An algorithm
Product Lifecycle Management: (PLM)
In many ways Product data management can be seen as a subset of PLM. PLM is a holistic business concept developed to manage a product and its life style. The scope of product information being stored, refined, searched and shared with expanded PLM This includes not only the items documents BOM’s also analysis results, test specification, environment component information, quality standards, engineering requirements, change orders, manufacturing producers, product performance information etc. A PLM system is a collaborative back bone allowing people throughout extended enterprises to work together more effectively.
Accomplishments of Product Lifecycle Management:
Product life management is a systematic and controlled concept for managing products with their related information. PLM offers management and control product process and the order delivery process. The control of product related information throughout the product life cycle from the initial idea to the scrap yard. The PDM and PLM term also refers to the information systems developed to manage product lifecycle and product related data.
In many fields of manufacturing industry, the order- delivery process is also called as customer process due to the frequency of build-to-order production. The fulfillment of customers purchase order that is the manufacture and delivery of actual product is allocated to a certain customer to a certain product. Where NPI refers to New Information Product.
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This article is in continuation with our previous articles on Marketing that include 7Ps of Service Marketing Mix, Integrated Marketing Communication, Target Market Selection, Market Analysis
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