Product Lifecycle Management: Closing the Knowledge Loops

Abstract

Competitive success of manufacturing firms is by and large determined by the success of the products they introduce to the market. This is why companies continuously try to improve the efficacy of their product realization process. Product Lifecycle Management (PLM) is a business solution which aims to streamline the flow of information about the product and related processes throughout the product’s lifecycle such that the right information in the right context at the right time can be made available. Yet, few organizations are positioned to reap the true benefits of PLM. One major reason for this is a lack of clear understanding of what PLM is, its core features and functions, and its relationship to the myriad of current software tools. This paper aims to do that and also elaborates on the role of PLM as a knowledge management system.