Process of innovation in product lifecycle management business strategy

This article proposes a scenario of Product Lifecycle Management (PLM), as a innovative business strategy based on the analysis of business drivers, industry requirements, limit of current solution, and recent state-of-the-art review in the domain related to PLM. Potential industrial impact of the developed PLM technology solutions is analyzed. It is hoped that the proposed PLM technology solutions will form the frontier basis for further research, development, and application of PLM systems to quickly adapt to the dynamic changing market for industry companies to pursue the most advanced competitiveness. This article presents a process oriented framework to support effective PLM implementation with a set of lifecycle oriented business process reference models which links the necessary fundamental concepts, enterprise knowledge and software solutions to effectively deploy PLM.