Product lifecycle management (PLM) is the process of handling a product as it moves through various typical product life stages, from development and introduction through growth and maturity to the decline stage (Segal et al., 2023). Segal and colleagues say the handling process entails product manufacturing and marketing. Businesses use product lifecycle concepts to make informed business decisions, from pricing through promotion to cost-cutting or expansion. Therefore, a practical PLM consolidates different employees, departments, or companies involved with the development and manufacture of a product with a view of streamlining their activities. As Sage and colleagues contend, the primary ultimate goal of product development and manufacturing is to outperform competitors, make high profits, and have durability as the technology may permit consumer demand. Thus, PLM is more than just a system for setting up a bill of materials. However, one used to help businesses cope with the engineering challenges and increasing complexity of developing a new product. Otherwise, apart from enterprise resource planning, supply chain management, and customer relationship management, it is another keystone of the information technology structure of a manufacturing corporation.
Innovation and technologies have dramatically changed new product development and manufacturing tasks, especially on physical products. A good example is the technology life cycle (TLC) that illustrates a new product’s costs and profits from the technological development phase through market maturity to the decline phase. For example, the returns (profit) made must offset the research and development (R&D) cost once a product comes to market. Therefore, businesses need to understand different product lifespans to accurately project R&D returns on investments; however, this depends on the potential longevity of a product in the market. Products, such as pharmaceuticals and electronics, are vulnerable to shorter life cycles because of rapidly increasing rates of innovation. Thus, TLC’s focus is on product development cost and time as it relates to the projected profits.
Various manufacturing technologies today relate to “Industry 4.0,” characterized by the Internet of Things, machine learning, artificial intelligence, digital technology, data exchange, and automation (Horowitz, 2020). From a broad perspective, innovative technologies, such as automated manufacturing systems (AMS), can automatically process different parts simultaneously under computer control thanks to their interconnected system of material processing stations. A material transport system is needed for such interconnection, besides a communication network to integrate various manufacturing aspects. So, AMS is highly automated, integrated, and flexible for new product development and handling. According to Horowitz (2020), when robotics and automation are adequately implemented, they can reduce the time required for new product development and manufacture in a factory, resulting in fewer bottlenecks and lower production lead times.
Computerized numerical control (CNC) manufacturing or mining is a subtractive manufacturing technology that uses computerized controls and machine tools to remove material layers from a stock piece to develop and manufacture custom-designed parts. With CNC, features of computer-aided design and computer-aided manufacturing, such as speed, location, and feed rate, can be integrated to reduce new product development and manufacture, enhance the precision of new product development, and reduce human labor. It is suitable for handling various materials, including composites, foam, glass, wood, metals, and plastics. According to Horowitz (2020), this technology is used in many sectors, such as aerospace, to enhance the production of simple parts with high accuracy and precision, reduce production lead time, and ensure the cost-effectiveness of fulfilling one-off and medium-volume production runs.
Digital transformation has led to dramatic changes in the new-product landscape in various firms, for example, production processes, methods, mindset, and organization. Today, when developing new products, most firms are forced to embed software, which are new methods of product development, or employ new digitally-based devices that can provide users with insights, for example, to predict lab test outcomes, all designed for new product development process to be more efficient and effective. The always-vital speed-to-market factor has become one of the most critical factors in developing new products in today’s technology-fueled business environment. Rapid technological changes, increased globalization, the Internet, and improved communication have put tremendous pressure on firms to get their products to the market quickly. Making the best use of available technology, such as e-business, has improved market speed.
Conclusion
Generally, with product lifecycle management, it is possible to handle an approach of a firm through different stages of a product’s development and manufacture up to its decline stage. Different firms use different product lifecycle management stages; however, most include the development and manufacturing stages through marketing and customer segmentation. Product lifecycle management offers many benefits, including shortening the time of product development and providing firms with the know-how to know when to reduce manufacturing or ramp up efforts or when focus on marketing. Product lifecycle management’s future is filled with innovations and innovative technologies to improve communications and sustainability.
References
Horowitz, J. H. (2023, January 17). How has technology changed manufacturing? ITChronicles. https://itchronicles.com/manufacturing/how-has-technology-changed-manufacturing/#:~:text=Properly%20implemented%2C%20automation%20and%20robotics,a%20number%20of%20different%20industries.
Segal, T., Khartit, K., & Kvilhaug, S. (2023, May 9). Product Lifecycle Management (PLM): Definition, benefits, history. Investopedia. https://www.investopedia.com/terms/p/product-life-cycle-management.asp#toc-specific-stages-of-a-product
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