Product Lifecycle Management (PLM) is a systematic approach to managing a product's lifecycle from its initial concept through design, manufacturing, and service, to its eventual disposal. It integrates people, processes, and technology to streamline product development and improve collaboration among teams. PLM helps organizations reduce time-to-market, enhance product quality, and lower costs by providing a centralized platform for data and documentation. By managing information effectively, companies can make informed decisions, ensure compliance with regulations, and respond quickly to market changes, ultimately leading to better products and increased customer satisfaction.