Product Lifecycle Management

What is Product Lifecycle Management? (Definition)

Product Lifecycle Management (PLM) in a PIM context refers to the strategic management of a product's journey from conception to retirement within the information ecosystem. It encompasses the processes, workflows, and data management strategies for new product introduction (NPI), ongoing product maintenance, seasonal updates, version management, product discontinuation, and archiving. PLM functionality in PIM systems typically includes status tracking, workflow management, collaborative tools for product development, launch checklists, version control, lifecycle-based validation rules, and archiving capabilities. While traditional PLM systems focus on product design and manufacturing, PIM-focused PLM emphasizes the information aspects of the product journey.

Why Product Lifecycle Management is Important for E-commerce

Effective product lifecycle management is crucial for e-commerce success as it creates a structured approach to introducing, maintaining, and retiring products in your digital catalog. It streamlines new product launches by providing clear processes and requirements for product information readiness, ensures seasonal products are introduced and removed at appropriate times, maintains catalog health by properly managing discontinued items, enables coordinated cross-department collaboration during product transitions, supports dynamic pricing strategies at different lifecycle stages, and creates consistency in how similar products are handled throughout their commercial lifespan.

Examples of Product Lifecycle Management

• 1Managing the information requirements for new product introduction processes
• 2Coordinating seasonal product updates across multiple departments and channels
• 3Tracking product status from draft to active to discontinued to archived
• 4Orchestrating the information aspects of a product version update or replacement
• 5Implementing end-of-life strategies for discontinued products

Tips for Product Lifecycle Management

• Map out your existing product lifecycle stages and identify data requirements for each stage before implementing a PLM solution.
• Establish clear roles and responsibilities for each stakeholder involved in product data management across the lifecycle.
• Leverage workflow automation features within your PIM to enforce data quality checks and approval processes at critical lifecycle gates.
• Regularly review and update product data, especially for seasonal items or products with frequent iterations, to maintain accuracy.
• Plan for product retirement from the beginning, including data archiving strategies and clear communication plans for discontinued items.

Trends Surrounding Product Lifecycle Management

• AI-driven Automation: AI will increasingly automate data enrichment, attribute extraction, and content generation for product descriptions across lifecycle stages, reducing manual effort.
• Predictive Analytics for Lifecycle Optimization: Leveraging AI to predict product performance, identify optimal discontinuation timings, and forecast demand for new product introductions based on market data.
• Sustainability Tracking Integration: PLM systems will incorporate sustainability metrics (e.g., carbon footprint, recyclability) throughout the product lifecycle, driven by regulatory demands and consumer preference.
• Headless PLM Architectures: Decoupling PLM backend from front-end applications, allowing greater flexibility and agility in distributing product data to various channels and touchpoints.
• Enhanced Collaboration and Workflow Automation: Advanced workflow engines and collaboration tools within PIM/PLM systems to streamline cross-departmental coordination for product development and launch.

Tools for Product Lifecycle Management

• WISEPIM: Comprehensive PIM solution that includes robust PLM features for managing product data throughout its lifecycle, from NPI to retirement.
• Akeneo: Open-source PIM platform offering strong capabilities for product data enrichment and workflow management, supporting PLM processes.
• Salsify: Product Experience Management (PXM) platform combining PIM, DAM, and syndication, enabling effective PLM across channels.
• Arena Solutions: Dedicated cloud-based PLM software specifically designed for product development, quality, and supply chain collaboration.
• Teamcenter (Siemens Digital Industries Software): Enterprise PLM suite providing extensive capabilities for product design, engineering, and manufacturing lifecycle management.

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