Good question, as there is still a lot of confusion about what PLM is in the industry. This answer should provide you with a basic overview.
What is PLM?
PLM(Product Lifecycle Management) software manages the product record, from individual components to assemblies, through their entire lifecycle, from concept to obsolescence.
System of Record
PLM manages product data, like the Item Master and bill of material (BOM).
Moreover, this data is maintained and kept consistent by virtue of processes like Change Management and Control Management. These processes set and enforce rules on who can approve and release product changes. Maintaining the product’s integrity and properly managing its intellectual property, such as product designs and spec sheets, becomes possible in this way.
Quality Management
Over the years, the PLM definition has expanded beyond managing the BOM and Item Master to integrate with other business systems, such as EQMS (Enterprise Quality Management System), which manages the quality records of a product.
With this in mind, EQMS makes it easier to control access to data from external sources (i.e., suppliers and contracted manufacturers). Thereby ensuring, a product is compliant with the business requirements as well as government regulations.
In summary, PLM gets the right information to the right people at the right time. It plays a crucial role in the management and dissemination of product-related information.
A Look Ahead…
Our next couple of videos will address:
- What’s Involved in a PLM Implementation Project?
- Is it possible to have a Design History File in an automated system?
Thank you to everyone who has submitted questions.
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