6.4.6 Summary of Key points

Product Lifecycle Management is the process by which manufacturing companies develop, describe, manage and communicate information about their products from their conception to their disposal, both internally and among their supply chain partners. A company can benefit from PLM implementation because it can increase sales revenue, reduce product unit costs and also reduce administrative and clerical overheads. Although commonly used by engineering multinational companies, nowadays the number of SMEs adopting this kind of solutions is increasing quickly.

After reading the component you have learnt what PLM is, why is it necessary, the benefits that a company can obtain and the type of companies that usually adopt this solution.