The History of PLM
PLM was initiated by the American Motors Corporation (AMC) in 1985. The automaker was looking for a way to accelerate its competitiveness by reducing innovation and time-to-market. Today, Product Lifecycle Management is applied in almost every sector.
Every product on the market goes through four different phases: development, growth, maturity and decline. These stages are described by the "Product Life Cycle" (PLC). The duration of each phase can vary from a few weeks to many decades. Not all products go through all stages, because some products never reach the market. However, every product that reaches the market will at some point disappear (downturn).
What are Product Lifecycle Management Systems?
Why use PLM?
When you successfully implement your PLM system, equip your organization with the right knowledge and resources, you will achieve better results, increase customer satisfaction and waste less time. Companies that implemented product lifecycle management do reap the benefits. An Autodesk study shows that successful PLM integration makes companies more profitable, more efficient, and more innovative.
Organizations that use a PLM system generate on average 10% more sales and 7% less costs than other mechanical engineering companies. They also lose 7% less time on data management, which gives them more time for innovation.
PIM vs PLM
Want to learn more about PIM Systems?
If you have any questions regarding Product Information Management, from PIM Selection to Implementation or how a PIM would fit in your IT landscape? Feel free to browse our data base of articles on everything PIM related. If you want to know which PIM would be the best fit for you (and get a free 1-hour consultation with a PIM Selection consultant with relevant industry expertise): do our Quickscan. In just 30 minutes you will be able to create a profile that we can match to the right PIM system.
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