PLM is becoming one of the most frequently used acronyms within engineering, although there is much confusion to what PLM actually is. Some think it is just a large database and others believe it is a series of processes and methods. Product Lifecycle Management in its true form is in fact a combination of both assisted by software. A modern efficient approach using PLM software manages each individual product across its whole lifecycle from the very first concept of the product until it is retired and archived or recycled.

In broad terms Product Lifecycle Management is an information technology driven system controlling all stages of a product's life. Information is shared and controlled by highly integrated processes, methods, and tools. Many PLM software applications exist in the marketplace and depending on their implementation will cover the whole product cycle or just a small part.

Managing a product all the way through its lifecycle allows a company to take control of what happens to it. But PLM doesn't just manage one of a company's products; it alsodoesn't just manage one of a company's products; it also company's

complete portfolio of products to be managed in an integrated way, and once implemented and applied well it is able to produce significant long term benefits.

The Benefits of PLM?
There are undoubtedly many benefits of introducing a PLM solution, to what degree and area of benefit varies from company to company, though in general terms main objectives are to ensure that the product development adopts a shorter lifecycle, getting products to market faster, managing them all the way across their lifecycles in the most effective way, providing better support for product use, supporting end-of-life better and possibly eventually aiding disposal or recycling. PLM extends and brings together previously separate activities such as CAD, CAE, PDM, SCM, MRP and other individual business focused systems and activities. Without a connected approach to these activities, developing, supporting products and managing your business could be more difficult than it need be.

Ultimately PLM is intended to increase the rate of introduction of new products, improving revenues by assisting in product