The product development life cycle - innovate, conceptualize, plan, design, procure, produce, deliver, service, and retire - naturally includes multiple people, operating in multiple departments, and typically from multiple companies, each with locations in multiple countries around the world. Solving inherent difficulties that result from managing this complexity are the raison d’être for PLM solutions.
definition of procure
lifecycle. Thus, one PLM definition embraced by TEC would be that PLM is the concept of managing the product (as well as the entire product portfolio) to drive profits, accelerate innovation, reduce costs, and ensure regulatory compliance, whereby the product record would include all the information required by the extended enterprise to conceptualize, design, source, build, sell, service, and dispose of products. Although much of the effort spent in PLM typically comes at the earlier stages (i.e.,