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Definition

Product Lifecycle Management (PLM) is a business strategy that applies collaborative business solutions to the development of products from conception to production, maintenance and recycling, across the extended enterprise.

PLM solutions enable companies and organizations to create and share product-related data, apply common processes, and leverage corporate intellectual property, thus integrating suppliers, business partners and customers in a collaborative environment.

This approach helps companies transform their business and gain competitive advantages through improving key business parameters in product innovation and customer demand fulfillment.