PLM or Product Lifecycle Management refer to the process of managing a product or service from its conception to its retirement. It encompasses a range of activities, including product development, market research, product launch, and end-of-life management.
Subscription management software can help businesses manage PLM by providing a range of tools and features, such as customer feedback tracking, analytics, and reporting. They can help businesses track product performance, identify areas for improvement, and make data-driven decisions about product development and management.
Subscription management platforms also provide businesses with the ability to manage product updates and releases, ensuring that customers always have access to the latest version of the product. This can help businesses stay competitive in the market and retain customers who may otherwise switch to a competitor offering a more up-to-date product or service.
Additionally, SaaS subscription management platforms can help businesses manage end-of-life processes for products, such as retirements or the sunsetting of a service. This can involve communicating with customers about upcoming changes, offering alternative products or services, or providing refunds for unused portions of the subscription.
PLM is a critical factor for businesses using subscription management platforms, as it helps them maintain product relevance and ensure customer satisfaction. By using subscription management platforms to manage PLM effectively, businesses can streamline product development and management, maximize product value, and stay competitive in the market.
