Product Lifecycle Management (PLM) is a strategy and system that manages a product’s entire journey—from initial concept and design to manufacturing, distribution, and eventual retirement. PLM centralizes product data, streamlines collaboration across teams, and ensures consistency throughout the development process. It integrates various aspects like design revisions, compliance tracking, supply chain coordination, and quality control, helping organizations improve efficiency, reduce costs, and accelerate time to market. By providing a single source of truth for product-related information, PLM enhances decision-making and ensures that products meet industry standards and customer expectations.