Top Product Lifecycle Management (PLM) Tools in 2022

Introduction  

Product lifecycle management is a rapidly growing field with many opportunities for career advancement. The size of the world market for product lifecycle management was estimated at USD 26.86 billion in 2021, and it is anticipated to increase at a CAGR of 8.6% from 2022 to 2030. 

The role of Product Management has evolved significantly over the years. Early Product Managers were responsible for gathering requirements from customers and translating them into features that could be built by engineering. As the role of product management has become more strategic, Product Managers now focus on defining the overall vision and strategy for a product or product line. They work with stakeholders across the organization to ensure that the product meets the needs of the customer and the business.   

Product managers are responsible for the strategy, roadmap, and feature definition for a product or group of products. They work with engineering, design, and other stakeholders to bring products to market those delight customers and achieve business objectives.  

What Are Product Lifecycle Management Tools?  

Product lifecycle management (PLM) is a strategic process that helps organizations manage the entire lifecycle of their products, from ideation and design to manufacturing and distribution.   

PLM tools help organizations streamline product development processes and make more informed decisions about which products to bring to market. By managing product data and workflows in a centralized system, PLM tools can help organizations improve communication and collaboration between departments, reduce errors and duplication, and speed up product development timelines.   

Organizations can track product costs and performance throughout the product lifecycle, giving them the data they need to make informed decisions about product pricing, marketing, and distribution. In addition, PLM tools can be used to generate reports and analytics that can help organizations improve their overall product development strategies.    

There are several different PLM tools on the market, and the right solution for your organization will depend on your specific needs and goals. However, all PLM tools share the same core features and functionality, which include:   

Product data management: PLM tools help organizations store and manage all product-related data in a central repository. This data can include everything from product specs and designs to manufacturing data and test results.   

Workflow management: Organizations automate and manage product development workflows. This includes tasks such as design reviews, approvals, and changes. PLM makes these tasks easier. 

Collaboration: PLM tools help organizations improve communication and collaboration between departments and team members. This can be done through social collaboration, commenting, and notifications.   

Reporting and analytics: Generating reports and analytics that can be used to improve product development strategies becomes easier with PLM 

Top Product Lifecycle Management Tools In 2022

Arena  

The arena is a cloud-based product lifecycle management (PLM) tool. It helps companies manage the product development process from idea to launch. It also offers a collaboration platform that helps teams communicate and work together on product development projects.  

Productboard  

Productboard is a tool that helps product managers and other stakeholders to collaborate on product development. It provides a platform for discussing ideas, tracking progress, and managing product backlogs.  

Teamcenter Siemens  

Teamcenter Siemens is a powerful tool that provides users with complete features and functionality for managing product data and development processes. It offers a wide range of benefits, including flexible workflow management capabilities that allow users to customize and optimize their processes

Propel  

Propel is an open-source object-relational mapping (ORM) tool for PHP. It is used to access databases in an object-oriented way. Propel is easy to use. It takes care of creating and executing SQL statements for you.

Windchill  

A windchill is a tool that helps engineers and product designers manage the complexity of developing products. It provides a single source of product data, which reduces the risk of errors and improves communication between stakeholders.  

Centric Retail PLM  

Centric Retail PLM tool is a cloud-based product lifecycle management tool that enables retailers to manage their product development process. The tool helps retailers to accelerate product development, improve product quality and reduce costs.  

Agile PML System 

Oracle-owned Agile Product Lifecycle Management system is used to accelerate the process of product innovation across a variety of sectors, including manufacturing, FMCG, life sciences, high-tech, etc. 

Upchain 

It is a cloud-based software solution that combines product data and lifecycle management. Integrations keep teams working in the CAD and business tools they are already familiar with, while configurable, out-of-the-box workflows manage your procedures to keep projects moving. 

Bamboo Rose 

Bamboo Rose is a multi-enterprise product and supply chain platform. It connects retailers, brands, suppliers, and their supply chain partners to bring excellent products to market more quickly, effectively, and with higher profits. 

Aras PML 

Product lifecycle management (PLM), advanced product quality planning (APQP), lean product development, and new product introduction are all handled by the Aras Innovator software (NPI). In 2007, Aras transitioned to an open-source business model, where customers can download the program for nothing. 

Conclusion 

Product lifecycle management tools are essential for businesses that want to streamline their product development processes. By automating key tasks and improving communication between team members, PLM tools can help businesses save time and money. In addition, PLM tools can help businesses keep track of their product development progress, making it easier to identify and fix problems.