|Posted by [email protected] on April 2, 2016 at 7:00 AM|
If you know a bit about product lifecycle management or you know nothing at all about it, you are at the right place. As you proceed with the reading of this article, you will understand product management lifecycle in detail. Also, there will be some light put on product management courses.
Wikipedia defines product lifecycle management as mentioned below:
"In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise."
The product life cycle can be divided into many stages, characterized by the revenue generated by the product or range of products. The lifecycle of a product depends on the usability of that product. There are some products that have a short life cycle, while some products have a rather long lifecycle. Christmas toys and New Year presents have a short product lifecycle; cars have a very long lifecycle. For most products, the product development stage is the beginning of the lifecycle. Usually, a product lifecycle includes introduction stage, growth stage, maturity stage, and decline stage.
Now comes the question whether any business needs PLM or not. Following are the points that can help you in that matter:
1) Is warranty expense a real problem for the business?
2) Does your business find any disconnect between actual customer needs, product enhancements, and marketing requests under development?
3) Are new products taking full advantage of existing parts designs, technology, or other intellectual property?
4) Is there a problem in the communication with manufacturing partners or other partners?
If the answer to all these questions is 'Yes', the business can get huge benefits from project lifecycle management. Product lifecycle management system brings product information from marketing and design together and makes it available for production and support.
As the demand of project lifecycle management is increasing, it has opened doors for immense opportunities. Many renowned institutes offer product management courses to provide in-depth knowledge of the subject. Some institutes offer workshops as well. If you make a decision to do an MBA in product management, you will make an excellent career decision. If you are a working professional, you can do eMBA, sitting within the comforts of your home. More details can be obtained from the institutes working in this domain.
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