The Opportunities and Benefits of PLM

This chapter describes the opportunities and benefits of PLM. At the beginning of the 21st Century, there are huge opportunities for companies and their products. For example, globalisation has greatly increased the number of potential customers for their products and services. The world headcount continues to grow by more than 100,000 per day, promising even more customers in the future. Opportunities are identified in many sectors. Further developments in computing, the Internet, the World Wide Web, smart products, Artificial Intelligence, mobile telephony and database technology will create and meet needs that hadn’t even been thought of before. PLM can help companies seize these opportunities and increase product and service revenues, reduce product costs and reduce in-life costs. PLM enables companies to take advantage of the many opportunities available at the beginning of the 21st Century. Potential benefits from the opportunities are described.