What is PLM (Product lifecycle management) in mechanical engineering?

Product lifecycle management (PLM) is a set of processes and technologies used to manage a product throughout its entire lifecycle, from conception and design through development, manufacturing, and eventually disposal. In mechanical engineering, PLM is used to manage every aspect of a product's development from ideation to production, including design and engineering, manufacturing and assembly, maintenance and repair, and end-of-life support. PLM systems provide a centralized platform for all stakeholders involved in the development of a product, including engineers, designers, suppliers, and customers, to collaborate and track the progress of the product at each stage of its lifecycle. As a result, PLM helps companies improve product quality, reduce time-to-market, and increase profitability.