Utilizing machine learning to optimize product lifecycle management from design to end-of-life

Fulfilling customer needs through the right product, at the right moment, and at the right price is the main objective of product lifecycle management (PLM). PLM integrates information, processes, business systems, and people across an extended enterprise from the customers' perspective. This begins with the conceptualization of the product, continues through its design, manufacturing, distribution, purchase, support, and final disposal, and is supported by data and information storage and information technology. PLM brings together a company's functions and those of its suppliers, resellers, and customers to provide an integrated view of data, processes, and business systems. By uniting product data with business processes and systems throughout the organization and around the world, PLM enhances collaboration and enables organizations to capitalize on the synergies potential in product-related activities. The expected results are a shorter time-to-market, an improved product quality, reduced manufacturing costs, lower service and support costs, and a product line that better meets customers' needs.