
Product lifecycle management (PLM) represents an overall vision and systematic data management related to the product design, production, support, as well as its ultimate disposal in a product development process in organizations. There are certain variables such as time, functions, performance, and price that change frequently in tandem with the product lifecycle processes. Therefore, the product innovation process should be based on changes in the aforementioned variables to meet the market demand. Delivering the right product at the right time is the major goal of enterprises in the market. PLM provides many benefits to organizations, such as significant reduction in time-to-market for the product, production cost minimization, and product quality and reliability enhancement. The various challenges faced by product development teams in enterprises include globalization, as well as growing demand for mass customization and quick innovation. These challenges are leading to the growing need for PLM solutions, which provide the collaborative environment and knowledge management of a product's lifecycle process.