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Product Lifecycle Management (PLM) is a strategic approach that integrates people, processes, and technology to manage a product’s lifecycle from inception through design, manufacturing, and service, to its eventual disposal. It facilitates collaboration across various departments, ensuring that all stakeholders have access to accurate and up-to-date information, thereby enhancing efficiency and innovation. By optimizing the entire lifecycle, PLM helps organizations reduce time-to-market, improve product quality, and achieve better compliance with regulatory standards.