What is product lifecycle management(PLM)?
Product lifecycle management (PLM) is the management of a product from its conception to its disposal, including all stages of product development, manufacturing and sale. It is essentially used by engineers and managers in managing the development of products from concept to production. It helps organizations manage every step of their product lifecycle, including design, development, manufacturing and distribution. Hence whether you have enrolled in catia v5 courses in Mumbai or are currently studying mechanical engineering in Chennai, product life cycle management is something everyone should be aware about.
The goal of PLM is to make it easier for companies to create new products faster and more efficiently than ever before. This saves time, money and resources. PLM also enables companies to track their products from the earliest stages in the design process until they are ready for mass production.
For example, if you’re selling a new piece of technology that needs to be manufactured according to specific specifications, PLM can help you ensure that all aspects of your product are properly planned — even before you begin production.
If you’re a small business looking for a way to accelerate your growth rate or an enterprise looking for ways to cut costs while improving your customer experience, PLM could be exactly what you need.
What are the different stages of product development?
- Concept and Design
The design phase is the first step in the product development process. It involves creating a concept for a new product that will meet the needs of your target market. The concept is based on research, which may include brainstorming sessions with potential users, focus groups and interviews with potential customers. Once you have a good idea of what you want to create, you can move into the design phase.
Next comes development — building prototypes and testing them out with customers to find out if they’re any good. This is where you’ll start to flesh out more details about your concept and refine it into something that’s more concrete (and therefore more likely to succeed). It might also involve hiring some help from freelancers or contractors so that you have enough manpower available for testing purposes, rather than having to do everything yourself.
- Production and Launch
In this phase, the company begins to produce its product or service by hiring workers and building production facilities. Marketing materials are created to promote sales at retail outlets. The product is launched into distribution channels in order to generate revenue from sales of the final product at these outlets as well as from services provided by distributors who sell it on their own account or on behalf of third parties who have purchased it directly from the manufacturer (such as wholesalers).
- Services and support
The service phase of a product’s life cycle is what keeps it going after sales have stopped coming in. In this phase, the product becomes part of the company’s offering to customers, providing them with a more complete experience than they could get from buying and using just the hardware or software component involved. This means that in addition to offering new versions of a product, companies will also need to provide support for those versions — whether it’s phone and email support or on-site installation or remote access. For small businesses, this is often done by staff trained internally or outsourced to other companies that specialize in providing technical support.
Any business that makes products has a shelf life, and as time goes on they tend to become obsolete as technology moves on and consumers’ needs change. At some point, all new products will become obsolete, and it’s up to their makers to decide when enough is enough: either retire the product or keep adding new features until it becomes obsolete again (which may mean changing its name).
For being a part of different phases you need different set of skills. For instance for someone who wants to work in the development part and really wants to learn catia v5 software courses in Hyderabad or other reliable places could give you the skill set you need. This is because tools like catia are heavily used in the development phase. Similar is the case for other phases.