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In response to increased customer demand and fast-moving competition, companies are under unprecedented pressure to generate profitable products at high speed. Product lifecycle management (PLM) offers companies a new way to rapidly plan, organize, manage, measure, and deliver new products or services.
Product lifecycle management is to product information what enterprise resource planning is to enterprise resource information, or customer relationship management is to customer information. It represents a new way to plan, organize, manage, measure, and deliver new products or services. Early on, this capability was known as product information management (PIM). However, its sole focus then was on product development activities, and associated processes generally were confined to an organization''s four walls. Later, PIM evolved into CPC, or collaborative product commerce. Internet technology was the primary force behind CPC, helping companies bring external business partners into the product development loop.
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