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Overview of Product Life Cycle Management (PLM) and its advantages for businesses

What is Product Life Cycle Management (PLM) and its benefits?

PLM or Product Lifecycle Management is a comprehensive approach to managing the entire lifecycle of a product. It covers everything from the initial concept and design through manufacturing, deployment, and eventually disposing. Did you know that AMC (American Motors Corporation) was the first to implement a working PLM process? It was so much effective that Chrysler, after acquiring AMC, implemented the process throughout their enterprise enabling them to be the lowest-cost producer of the auto industry at the time.