What is a PLM Lifecycle?
While we talk about PLM Lifecycle, It is said the concept of lifecycle was first put forward in the middle of twentieth century, to explain the expected life cycle of a typical product from “Dawn” till “Dusk”, a period divided into phases which includes,
- Service or Use,
However, if we deeply analyze the raw concept of lifecycle itself, we can see there is nothing new in this paradigm. It was described by Shakespeare in 16th century when he defined the seven stages of human lifecycle. The infant, the schoolboy, the lover, a soldier, the justice, the pantaloon and the old age.
A product’s lifecycle is divided into several stages considering the revenue generated by the product. The lifecycle concept may apply to an explicit product or group of products. Its duration may be noticeably short as few months for a fashion item or a century or more for product categories such as gasoline products.
Product producers and different stakeholders have dissimilar viewpoint on the lifecycle of a product. From Manufacturer’s viewpoint, a product lifecycle may fit into five stages imagination; deﬁnition; realization; support; retirement. But, from Marketing’s view point, there is a different market-oriented lifecycle. A four-stage lifecycle – Product-Introduction, growth, maturity and decline. Dissimilar approaches to product’s identity, pricing and sales strategy may be taken in various stages.
The term “life cycle” itself may imply a well-defined cycle mechanism as observed in a human life. However, a product lifecycle does not have such predictable life and the specific life cycle curves followed by different product vary considerably. Because most companies understand the different product life cycle stages, and that the products they sell all have a limited lifespan, majority of them will invest heavily in new product development to make sure that their businesses continue to grow.
The concept of the product life cycle has been around for some time, and it is an important principle manufacturers need to understand in order to make a profit and stay in business.
However, the key to successful manufacturing is not just understanding this life cycle, but also proactively managing products throughout their lifetime, applying the appropriate resources and sales and marketing strategies, depending on what stage products are at in the cycle.
“PLM is a strategic business approach that applies a consistent set of business solutions in support of the collaborative creation, management, dissemination, and use of product definition information across the extended enterprise, and spanning from product concept to end of life-integrating people, processes, business systems, and information. PLM forms the product information backbone for a company and its extended enterprise.” Source: CIMdata