Factories of the Future

10Product Life Cycle

Harpreet Singh¹, Neetu Kaplas², Amant Sharma³ and Sahil Raj¹*

¹School of Management Studies, Punjabi University, Patiala, Punjab, India

²School of Humanities and Social Sciences, Thapar Institute of Engineering and Technology (Deemed-to-be-University), Patiala, Punjab, India

³Independent Researcher, Patiala, Punjab, India

Abstract

In this competitive era, organizations provide better consumer-centric products and services, improved market share and size, and consistently growing profits. Nevertheless, the global competition has increased the challenges in terms of prices, shorter lifecycle, more customized demand, complex products, the entrance of more suppliers, and strict government regulations; at present, these all have increased the numerous obstacles to manufacturers. Therefore, Product Lifecycle Management (PLM) has become a vital tool in getting a competitive advantage by creating and providing better quality products at less time and competitive price, sustainably achieving a compelling cost advantage. PLM supports the management to control the portfolio of the products and services, processes from the beginning of the concept, product designing, engineering, production, launch, and uses to disposal of the product. To cope with the global competition, organizations have to amalgamate PLM with technology such as Computer-Aided Design (CAD), Manufacturing Process Management (MPM), Computer-Aided Manufacturing (CAM), and Product Data Management (PDM); ...