glossary of terms
Product Lifecycle Management (PLM)
A Product Lifecycle Management (PLM) system serves as the primary source of truth for product data in many organizations. It plays a crucial role in the Digital Thread, serving as the foundation for other essential systems such as Enterprise Resource Planning (ERP) and Manufacturing Execution Systems (MES). By relying on PLM, businesses can ensure that their critical business processes are managed and optimized based on the most up-to-date data available.
In other words, PLM is a central platform that enables businesses to manage and maintain their product data throughout its entire lifecycle. This data serves as the foundation for all other systems and processes, ensuring that all stakeholders are working with the same information. This can help to reduce errors, increase efficiency, and ultimately improve the quality of the final product.
By serving as the single source of truth for product data, PLM enables businesses to make informed decisions based on accurate and reliable information. This information can be shared across teams and systems, ensuring that all stakeholders are working towards the same goals. This can help to improve collaboration, reduce redundancies, and streamline processes throughout the organization.