What is Product Lifecycle Management SoftwareWith a (PLM) product lifecycle management software, firms can effectively manage the entire lifecycle of a new product. The software takes in its realm all activities from conceptualizing and designing the product to finally manufacturing the product in an affordable, easy-to-use, and web-based interface.Additionally, efficient PLM software for small business as well as large firms controls enterprise-wide data to facilitate firms to make informed decisions related to the products. Its important to understand product functionality and measure the opportunities available for the product in the market, this too is taken care of by a fully-featured PLM software.Thus, a top cloud PLM toolsnbspmanage the entire lifecycle of a product as it offers a data warehouse to store all essential information that has an impact on the product.Feature of Product Lifecycle Management SoftwareAs mentioned above, the best PLM Software facilitates support for all product-related activities right from ideation to manufacturing and product service. Lets look at some features of thenbspPLM Software.Computer-Aided Design Management (CAD)CAD PLM software help firms manage changes in product configurations. You can make designs quickly and accurately with effective CAD software. These designs can be reused when needed.Product Information Management (PIM)PIM software creates a central storehouse for firms to collaboratively manage all the information you need to maximise your product sales. It stores all product data to be given for advertising and catalogs and all information related to product design and processes.Computer-Aided Engineering (CAE)It is the use of computer software to simulate performance with an intent to improve product design as well as identify and resolve engineering issues.This open source PLMnbspsoftware allows users to simulate, authenticate, and improve products. If deployed effectively, CAE can improve your design by providing significant data to guide the design process from its initial stages to production.CAE allows engineers to see the future and predict the consequences of any product design change on the actual product performance.Computer-Aided Manufacturing (CAM)Manufacturers use CAM software to create products exactly as per product design specification. This application technology uses computer software and computer-controlled machinery to automate the entire process of product manufacturing.CAM is the next step after CAE and is used along with CAD.Manufacturing Process Management As part of the product life cycle management software, MPM is used to define and manage how products are to be manufactured. It manages the manufacturing process used to make parts and finally assemble products.From product design to production execution, MPM performs inspections and makes the entire production process very efficient.Reporting and AnalyticsA PLM erp helps in managingnbsplead times and maintain cost-efficiency, you can use analytics. It monitors products lead time and ensures that your project remains within the budget allotted to the entire product life cycle management process.To help you know your product better, reporting and analytics provides you with a web-based, user-friendly solution that collects the data produced from multiple data sources in the entire lifecycle of a product.Direct Materials SourcingAlso known as direct procurement, it is a major component in a broader product lifecycle management strategy. This area of PLM is considered the lifeblood of the supply chain as it deals with sourcing the materials from suppliers during the design process. Along with a strong integration across processes, direct materials sourcing demands in-depth product knowledge and supplier collaboration.Bill of Material ManagementBOM is essentially a complete inventory, rather a centralized source of information about the raw materials, parts and components required to manufacture a product.It also gives an overview of the quantities of each component used while manufacturing the process. Once the BOM is analysed, the sourcing agent can accurately plan the costs and supply availability of the new product.