Sample Term Paper
The term Product Lifecycle Management (PLM) first evolved in the year 1900. The primary need of this process was to manage the mounting product related information across the lifecycle of a product. Since then Product Lifecycle Management (PLM) has become an integral part of the manufacturing companies (Stark, 2005).
In other words Product Lifecycle Management (PLM) could be defined as a set of business tools that reorganizes the critical process of a product and increases its values in the later parts of the process. A Product Lifecycle Management (PLM) system estimates the return on investment (ROI) which is associated with organizing its relationship with the supply chain (Gelinas & Dull, 2009).
Need of PLM:
Due to the fact that there is cut throat competition in the market, the continuous growth in technology and modern economics, all these factors have become very common for most of the organizations. Hence in this kind of a situation it has become very difficult for an organisation to gain competitive advantage over its competitors. This is where the role of Product Lifecycle Management (PLM) comes into action as PLM targets at systematically improving the operations of the organization and in that so increase the organization’s competitive advantage (Gelinas & Dull, 2009).
Apart from that there is a growing trend according to which most of the developed nations outsource their manufacturing and white collar jobs to countries like China and India where the labor cost is fairly cheap. This step is good for organizations but it requires compliance and elasticity for both the organization and those who are supporting the system. The success in this process depends upon the ability to collect the data, analyze the information and that is why the Product Lifecycle Management (PLM) becomes so much more important (Miller, 2007).
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