PLM in SAP stands for Product Lifecycle Management. It is one of the parts for SAP Business One software and based on NetWeaver architecture. Hence it is also known as SAP NetWeaver PLM. It contains collections of solutions for handling the complete product related processes. It handles from the initial idea about product to the distribution of that product. It handles the entire Lifecycle of a product.
SAP PLM mainly deals with the following activities
- Strategy and planning
- Managing innovative ideas
- Create and Choose new successful products
- Strategic portfolio management (monitor, analyze, evaluate, and optimize your overall portfolio, including concepts, projects, and products.)
- Handling the lifecycle of product development
- Collect and store product-related data for the entire life cycle.
- Product Compliance
The main advantages of using SAP PLM for an Organization are as follows
- Reduced costs
- Better business results
- Higher product quality
- Faster product development
- Improved manufacturing operations
- Higher productivity
- Better business decisions
- Lower cost of ownership
PLM can be integrated with other solutions like ERP, SCM, SRM, CRM etc.