Product development has traditionally been seen as the responsibility of research and development (R&D) or engineering departments. Hand-in-hand with product development comes product lifecycle management (PLM), a function which is often wrongly positioned as product data management and thus rarely used to its full potential.
Product lifecycle management (PLM) is a key lever of profitable growth for organizations that introduce highly engineered, function-rich products. Such products, exemplified by the iPhone, are characterized by complex design engineering and extended supply chains.
New-product forecasting is occupying an increasingly large portion of the planner's job. Patrick Bower, senior director of corporate planning and customer service with Combe Inc., relates the trends that have caused renewed interest in the discipline.