What is Product Lifecycle Management, and Why Do You Need It?

The PLM journey starts when raw materials are procured from suppliers. Organizations can benefit tremendously by obtaining important information from suppliers concerning material origins and attributes. Being privy to these details will help them make informed decisions about vendors to preserve quality and save on costs, as well as pass along to consumers that value transparency. Knowledge of raw material specifications also helps organizations eliminate wasteful and harmful processes. An F&B company must ensure standard safety protocols are met before they can even think about delivering a product to consumers. Early operational stages of PLM guarantee these necessary safety checks, which shorten time to market and eliminate the worry that products may not be up to par. For successful product lifecycle management, organizations also need to take into account the market characteristics of the various phases of the product lifecycle. PLM processes help organizations track product performance throughout its different phases and create an appropriate strategy for each of them.