State of the art review on implementation of product lifecycle management in manufacturing and service industries

In the world of drastic development, the manufacturing and service industries are forced by their stakeholders to gain higher accuracy in meeting the quality standards of their products and services. Also, the competitive environment requires continuous improvements in their products. This is rarely possible if the traditional approach of ‘pen and paper’ is used for maintaining the lifecycle of the product. For the effective utilization of time and money, a system which overcomes all these drawbacks in the traditional approach is essential. Therefore, the concept of Product Lifecycle Management (PLM) has been evolved. The PLM system is a technology-based business model which integrates the engineering design and technical operations. The main aim of implementing the PLM system in any organization is to avoid the reduction of product’s lifecycle and raise the product innovation ability. The implementation of PLM systems drives ourselves to stick to the standards which are defined by the authorities. This system enables the faster globalization of products and eliminates the isolation of the transferable data within the organization. The aim of this article is to review the role of PLM system in different manufacturing and service industries. The paper provides the information about PLM systems implementation in different kinds of industries, its guidelines, tools, methods and technologies used. Some of the issues which may occur during the implementation of the PLM system are also identified.