Development of Product Lifecycle Management for the Industrial Growth

Abstract

Nowadays, companies are upcoming with various challenges regarding reaching the product into the market in a short period of time for decreased time-to-profit to get return from market shortly. To overcome these challenges, the technology of Product Lifecycle Management (PLM) is used by the companies which provides a method to rapidly plan, organize, manage, measure, and deliver new products or services much faster, better, and cheaper in an integrated way. This study elaborates a full scenario of technology solutions for PLM based on the complete analysis of industry requirements. This proposed PLM technology solutions will form the frontier basis for the further research, development and application of PLM systems which will keep the companies at higher position in the competitive market.