As a cloud-based system, Product Lifecycle Management (PLM) has been part of the manufacturing industry for years, although it doesn't always receive the same level of importance as software systems.

For this reason, a lot of manufacturers choose to use manual processes in order to manage their product lifecycles, reports The Manufacturer.

However, using these traditional methods often means that they become bogged down in data like emails and spreadsheets and run the risk of losing control of their processes.

This isn't a cost-efficient way to work and it is a drain on the resources in the business, which could be better-focused elsewhere.

Charlie Candy, PLM lead EMEA at Autodesk, explains that PLM connects people, processes and technology to give a more comprehensive analysis, which means that manufacturers can make more informed decisions about their day-to-day business.

He says that overall, it allows companies to keep track of their inventory so they can reduce any potential wastage.