What is PLM (Product Lifecycle Management)? | HCL Technologies

TECHNOLOGY Q&A

Product Lifecycle Management

What is PLM?

Global enterprises across industry sectors are defining and deploying digital transformation programs to enable a more flexible and focused business infrastructure to drive new business models, improved production efficiencies and support evolving customer preferences. Digital Twins realization through Digital Thread forms the core of the Digital Transformation initiatives and key to enterprises realizing business value. The true value is derived from the interconnection of the twins enabled by the Digital Thread, which forms the mechanism containing all the necessary information to generate and provide updates to Digital Twins Product Lifecycle Management (PLM) is increasingly seen as the foundation technology for realization of the digital thread enabling digital twins.

PLM is a system of information management, designed to integrate and manage People, Process, Technology, Data and Things in an extended enterprise. PLM enables Digital thread and Digital Twin across multiple phases of Product development and ensures traceability across the life cycle of product. This helps to shorten New Product Development (NPD) cycle by effectively managing large variants of products, reducing quality issues and improving user experience.

As organizations expand into competitive global markets, adoption of PLM helps to overcome both engineering challenges and increased complexity of the market. PLM also helps facilitate automation in management and production, eliminating wastage and boosting efficiency.

To learn more about HCL’s approach for digital thread realization and PLM services and solutions, please visit https://www.hcltech.com/engineering-rd-services/product-lifecycle-management-plm