Product Lifecycle Management

Definition

Product Lifecycle Management (PLM) in a PIM context refers to the strategic management of a product's journey from conception to retirement within the information ecosystem. It encompasses the processes, workflows, and data management strategies for new product introduction (NPI), ongoing product maintenance, seasonal updates, version management, product discontinuation, and archiving. PLM functionality in PIM systems typically includes status tracking, workflow management, collaborative tools for product development, launch checklists, version control, lifecycle-based validation rules, and archiving capabilities. While traditional PLM systems focus on product design and manufacturing, PIM-focused PLM emphasizes the information aspects of the product journey.

Why It's Important for E-commerce

Effective product lifecycle management is crucial for e-commerce success as it creates a structured approach to introducing, maintaining, and retiring products in your digital catalog. It streamlines new product launches by providing clear processes and requirements for product information readiness, ensures seasonal products are introduced and removed at appropriate times, maintains catalog health by properly managing discontinued items, enables coordinated cross-department collaboration during product transitions, supports dynamic pricing strategies at different lifecycle stages, and creates consistency in how similar products are handled throughout their commercial lifespan.

Examples

• Managing the information requirements for new product introduction processes
• Coordinating seasonal product updates across multiple departments and channels
• Tracking product status from draft to active to discontinued to archived
• Orchestrating the information aspects of a product version update or replacement
• Implementing end-of-life strategies for discontinued products

How WISEPIM Helps

• **Lifecycle Statuses:** Track products through customizable stages from concept to retirement.
• **Launch Workflows:** Streamline new product introduction with guided processes and checklists.
• **Version Management:** Maintain relationships between product versions and replacements.
• **Lifecycle Validations:** Apply different data requirements based on product lifecycle stage.
• **Retirement Planning:** Coordinate and automate end-of-life processes across all channels.

Related Terms

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