The process of overseeing a product’s creation, expansion, maturity, and decline is known as product lifecycle management, or PLM. It includes phases like design, manufacturing, marketing, and discontinuation and covers everything from the original concept to end-of-life (EOL). PLM aids in deciding how inventory should be managed at every stage of supply chain and inventory optimization. For instance, during the growth stage, aggressive replenishment might be necessary, but during the decline stage, cautious markdown planning and phase-out strategies are needed. PLM alignment guarantees that inventory plans complement overarching business and product objectives.
