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Posted on November 4th, 2011, 3:49

Irrespective of the industry sector, every business is either product or service driven. In industry sectors, where business is product based, management of the product lifecycle is part of the organizational strategies. The process of managing the lifecycle of a product from its conception, design and manufacture, to service and disposal is termed as product lifecycle management. Michael W. Grieves, co-director, University of Michigan's PLM Development provides a very simple definition. He defines "PLM as the integration of business systems to manage a product's lifecycle."

Product lifecycle management is the basis of the organizationís information technology structure and is more than a set software solutions. It is a process, which integrates people, data, business processes and systems to provide backbone for the organization and its affiliated enterprise. This process strongly impacts both the external and internal communications and the related applications such as customer relationship management, Supply chain management Enterprise resource planning and the systems development lifecycles. In fact, PLM can be defined, as a business approach to manage the complete and complex set of processes from the product inception to its release.
The PLM software facilitates streamlining of the product development process, creates an effective environment for implementing and achieving strategic business initiatives. Besides, this software also provides an electronic file repository, secured access to multiple users through electronic signatures and enables workflow and process management for approving changes. Being a collection of software tools integrated with working methodologies it addresses the requirement of every single stage of the production process. With such benefits in store, most business houses and corporate sectors prefer to make use of the Outsourced Product development services.

With a clear focus towards reduced time and cost and improved quality standards, the product lifecycle management software proves beneficial to the client organization in providing for a faster time-to-market, fewer errors with increased cycle-times leading to improved productivity, quality and design efficiency. Further with a greater insight into the critical processes, it paves way for better utilization of resources, analysis and communication while being regulatory compliant.

The globalized business scenario demands for delivery of high quality products across multilingual, multicultural and diversified environment. Enterprisesí delivering state-of-art product lifecycle management tools combines with the agile methodology for global product R&D services on a single framework. This facilitates the organizations to overcome the challenges of the distributed environment and deliver high quality products through faster product lifecycle management

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By Josephmax, in: General