Product Lifecycle Management

What is Product Lifecycle Management? (Definition)

Product Lifecycle Management (PLM) is a process that tracks a product from its initial idea until it is no longer sold. In a PIM system, PLM focuses on managing product information at every stage of this journey. This includes introducing new products, making seasonal updates, and managing different versions. It also handles the final steps when a product is discontinued or archived. PIM systems use PLM tools to organize workflows and track the status of each item. These features often include launch checklists, collaborative tools, and validation rules based on the product's current stage. While traditional PLM systems focus on design and manufacturing, PIM-focused PLM emphasizes the data needed for sales and marketing. Tools like WISEPIM help teams manage these stages to ensure product data is always accurate and ready for market.

Why Product Lifecycle Management is Important for E-commerce

Product Lifecycle Management is a process for tracking an item from its initial launch to its final removal. It helps e-commerce businesses organize how they add, maintain, and retire products in a digital store. This system makes new launches faster by setting clear rules for product information. It ensures seasonal items appear and disappear at the right times. PLM keeps your catalog clean by managing discontinued items correctly. It helps different teams work together during product transitions. Tools like WISEPIM support this by keeping all product data organized in one place. You can also use PLM to adjust prices as products move through different stages. This creates a consistent way to handle every item in your inventory.

Examples of Product Lifecycle Management

• 1Organizing all the data needed to launch a new product.
• 2Syncing seasonal updates so every department and sales channel has the right info.
• 3Following a product's journey from the first draft to the final archive.
• 4Managing data changes when you update a product or replace it with a new version.
• 5Planning how to phase out old products and remove them from the store.

Tips for Product Lifecycle Management

• List every stage of your product's life before you start using PLM software. Decide what information you need at each step.
• Assign specific tasks to each person who handles product data. Make sure everyone knows exactly what they are responsible for.
• Use PIM automation to check for errors and manage approvals. This ensures your data is correct before a product moves to the next stage.
• Check and update your product details often. This is very important for seasonal goods or items that change frequently.
• Decide how to handle discontinued products early on. Plan how you will store old data and tell customers when an item is no longer available.

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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