TechDogs-"Top 5 Product Lifecycle Management Software Of 2024"

Enterprise Solutions

Top 5 Product Lifecycle Management Software Of 2024

By TechDogs Editorial Team

TechDogs
Overall Rating

Overview

Eleanor Shellstrop died and went to heaven. She was informed that she collected enough points in her short-lived life to send her to the Good Place. Confused about who she is and what we’re talking about? We’re referencing the TV show called The Good Place.

While the premise resembles most versions of heaven, the one unique factor of this fantastical show is Janet. She may look like us but that’s not really who she is - she’s a programmed guide and knowledge repository that provides the residents of the Good Place with any information they may need about anything.

She acts as a central repository of the data of that universe - quite like Product Lifecycle Management Software, which provides companies with a central repository of the latest updated data of their products, from start to finish. Essentially, PLM Software enhances the entire product planning, development and disbursement process!

If your enterprise needs such a tool, explore our list of the top 5 Product Lifecycle Management Software Of 2024. Read on!
TechDogs-"Top 5 Product Lifecycle Management Software Of 2024"
Unfortunately, we don’t possess a real-life Janet to help us with all the information we need. Although artificial intelligence is booming and search engines like (The) Google (Place) can help us gather any information we require, it doesn’t serve the purpose of sharing information confidentially as businesses need when developing products.

This is where Product Lifecycle Management (PLM) Software comes in.

It helps businesses enhance their product development processes. This consists of support from the inception of a product to its completion and includes the manufacturing, servicing and disbursement processes.

The idea is to centralize the data management of products and act as a central repository of all the data related to the product and processes. Ahead of this, it helps automate workflows while improving productivity, quality, collaboration, speed, creativity and other aspects of the process.

Last year we explored the Top 5 Product Lifecycle Management Software Of 2023. Now, let’s have a look at the top 5 Product Lifecycle Management Software Of 2024!
 

Top 5 Product Lifecycle Management Software Of 2024


Product Lifecycle Management (PLM) Software provides businesses with a central hub to control the data involved in the process of development and management of their products. This fosters collaboration as all those involved in the process can track changes a product witnesses through its development life cycle.

So, let’s get into the list of the Top 5 Product Lifecycle Management Software for 2024, in random order.
 
Arena By PTC
Arena By PTC
Teamcenter By Siemens
Teamcenter By Siemens
OpenBOM
OpenBOM
Centric PLM
Centric PLM
SAP PLM
SAP PLM
 

Tool 1: Arena By PTC


Originally founded as Bom.com in 2000 and renamed Arena Solutions in 2003, Arena was acquired by PTC (formerly Parametric Technology Corporation) in 2021. PTC itself was founded in 1985 and has its headquarters in Boston, Massachusetts, USA. With a workforce of more than 6,000 employees located across 96 offices worldwide, PTC’s Arena was named a Leader by G2 in its Winter 2024 report among other recognitions.

TechDogs-"Tool 1: Arena By PTC"-"A Screenshot Of The Projects Search Results Page On The Arena PLM Software Platform"
Returning to our list this year is Arena’s Product Lifecycle Management Software, which brings a comprehensive, purpose-built and easy-to-use cloud-based platform. The PLM Software is designed to support modern manufacturers and global supply chains by simplifying collaborative design, launch and delivery processes that can scale with evolving business needs. Furthermore, it helps in product development, supply chain collaboration, product record control, change management, project management, quality management, training management, requirements management and regulatory and compliance.

Arena’s Product Lifecycle Management Software connects people and processes with product information using a single platform that can be run without custom coding. This facilitates faster and smarter product design, development and deployment through a capable, scalable, collaborative and affordable platform. This is further enhanced by Arena’s quality management system (QMS), which can be used for operations, engineering or compliance, just like its PLM Software.

Feature Ratings:

Ease Of Use: ⭐ ⭐ ⭐ ⭐
Value For Money: ⭐ ⭐ ⭐
Startup Friendly: ⭐ ⭐ ⭐ ⭐ ⭐
Enterprise Friendly: ⭐ ⭐ ⭐ ⭐
Customer Support: ⭐ ⭐ ⭐ ⭐
 

Tool 2: Teamcenter By Siemens


Whether you’re ready to time travel or not, we’re taking a trip back to 1847 to witness the founding of Siemens! That’s right, the company was founded 177 years ago! However, today, Siemens possesses a workforce of over 320,000 employees operating in 190+ countries, while it’s headquartered in Munich, Germany. It’s safe to say that Siemens is one of the biggest companies in the world, considering it earned $84.4 billion in revenue in FY2023!

TechDogs-"Tool 2: Teamcenter By Siemens"-"A Screenshot Of The Active Workspace On The Teamcenter Platform"
Featuring on our list again this year is Teamcenter, a Product Lifecycle Management Software that helps businesses plan, develop, deliver and optimize their product lifecycle. The platform enables users to connect, collaborate and innovate on products while automating and streamlining the processes. Furthermore, it facilitates visibility for all involved to make better decisions, across the entire organization. The software can be deployed on-premises or on the cloud using Teamcenter X, Siemens’ SaaS solution.

Siemens also brings its industry-leading and comprehensive digital twin software for users to test and optimize the performance of their products, while enhancing processes for designs, systems, software, simulation and visualization. This further improves their ability to predict and fix problems before they become real.

Feature Ratings:

Ease Of Use: ⭐ ⭐ ⭐ ⭐
Value For Money: ⭐ ⭐ ⭐
Startup Friendly: ⭐ ⭐ ⭐ ⭐
Enterprise Friendly: ⭐ ⭐ ⭐ ⭐
Customer Support: ⭐ ⭐ ⭐ ⭐ ⭐
 

Tool 3: OpenBOM


Founded in 2016, OpenBOM is headquartered in Boston, Massachusetts, USA. The company has a humble but formidable workforce of around 50 employees with its engineering team spread across the US and Eastern Europe, while some are working remotely. OpenBOM has consistently been ranked among the top companies for PLM Software and was even listed in the Top 50 CAD & PLM Products in G2’s Best Software Awards for 2024.

TechDogs-"Tool 3: OpenBOM"-"A Screenshot Of The Parts And BOMs Tab On The OpenBOM Platform"
Featuring on our list as a new entrant this year is OpenBOM, which brings businesses a host of services and functions that enable them to build products faster with accurate data. The platform provides all those involved in the process with easy access to information facilitating informed engineering and procurement decision-making. It also makes it easy for businesses to share data and collaborate with suppliers and contractors. Additionally, businesses can accelerate change and mitigate risks.

OpenBOM brings businesses a whole host of functions that allow it to serve as a PDM + PLM + ERP platform. This brings in a unique blend of functions that are suited to enhance a business’s need for New Product Development / New Product Introduction (NPD/NPI) solutions. Essentially, it enables users to manage CAD, parts, documents, Bill of Materials (BOM), vendors, inventories and purchases.

Feature Ratings:

Ease Of Use: ⭐ ⭐ ⭐ ⭐
Value For Money: ⭐ ⭐ ⭐ ⭐
Startup Friendly: ⭐ ⭐ ⭐ ⭐ ⭐
Enterprise Friendly: ⭐ ⭐ ⭐
Customer Support: ⭐ ⭐ ⭐ ⭐
 

Tool 4: Centric PLM


Centric Software was founded in 2004 and has its headquarters in Campbell, California, USA. The company has a workforce north of 500 employees spread across 20+ locations worldwide. With a diverse customer base spanning names such as Asics, Woolworths, Swarovski, Guess and others, Centric Software was recognized as a Triple Winner of the 2023 Just Food Excellence Awards in Business Expansion, Innovation and Product Launches for its PLM Software.

TechDogs-"Tool 4: Centric PLM"-"A Screenshot Of The Home Tab On The Centric PLM Platform"
New to our list this year, Centric’s Product Lifecycle Management Software brings a powerful platform to develop products more efficiently and sustainably for large or small companies and drive digital transformations. The platform can be used for evaluating suppliers, sourcing materials, improving R&D / product development, planning successful products, enhancing quality control, simplifying packaging and artwork reviews, gathering merchandising information, streamlining design processes, managing manufacturing and production and more.

Centric PLM Software also provides its users with a centralized hub for compliance management. This means that businesses can maintain their compliance documentation in a single and updated digital location. The platform also ensures that businesses can maintain all the data necessary to meet regulatory requirements. Additionally, the platform’s change management function flags outliers and allows businesses to instantly adapt to regulatory changes.

Feature Ratings:

Ease Of Use: ⭐ ⭐ ⭐ ⭐
Value For Money: ⭐ ⭐ ⭐ ⭐
Startup Friendly: ⭐ ⭐ ⭐ ⭐
Enterprise Friendly: ⭐ ⭐ ⭐ ⭐ ⭐
Customer Support: ⭐ ⭐ ⭐
 

Tool 5: SAP PLM


Founded in 1972, SAP SE brings with it experience of more than 50 years! The company has its headquarters in Walldorf, Germany, has offices in over 130 countries that house 105,000+ employees and boasts of 24,000+ SAP partner companies, 280+ million subscribers in its cloud user base, 100+ development locations worldwide and is ranked in the top 1% of S&P Global ESG scores.

TechDogs-"Tool 5: SAP PLM"-"A Screenshot Of The SAP PLM Interface"
Making its way back to our list this year is SAP, which comes with a powerful Product Lifecycle Management Software that helps businesses define, develop, deliver and manage innovative and sustainable products. The platform allows users to make decisions faster enabling them to build a risk-resilient and sustainable supply chain with actionable insights. Furthermore, businesses can connect every process, collaboratively manage data across the enterprise and create compliant products. The platform fosters responsible design, change management, product costing, product compliance, product analytics, visualization, bill of materials management and actionable insights across product lifecycles.

SAP’s PLM Software offers businesses a range of functions, features and services that enable them to successfully deliver their products. This includes combining IoT data and engineering models to create digital twins that help garner insight into assets in operation. The platform also allows users to connect with other platforms, such as Siemens’ Teamcenter (see tool #2) to gain further insights.

Feature Ratings:

Ease Of Use: ⭐ ⭐ ⭐ ⭐
Value For Money: ⭐ ⭐ ⭐
Startup Friendly: ⭐ ⭐ ⭐ ⭐
Enterprise Friendly: ⭐ ⭐ ⭐ ⭐ ⭐
Customer Support: ⭐ ⭐ ⭐ ⭐
 

Winding It Up


Businesses use Product Lifecycle Management (PLM) Software to assist them throughout a product’s journey, from start to finish. This means from the time a product is thought about to the time it’s on its way out to customers. PLM Software provides them with a central hub to manage, control and share all the data required and used, while also enhancing the process.

Each business has unique Product Lifecycle Management needs, which is why you should ensure you pick a platform that suits your unique requirements.

Frequently Asked Questions

What Are The Top 5 Product Lifecycle Management Software Of 2024?


The Top 5 Product Lifecycle Management Software (PLM) of 2024 include Arena by PTC, Teamcenter by Siemens, OpenBOM, Centric PLM and SAP PLM. These platforms offer businesses centralized control over their product development processes, facilitating collaboration, automation and data management from inception to completion.

How Does Product Lifecycle Management Software Improve Product Development Processes?


Product Lifecycle Management (PLM) Software enhances product development processes by centralizing data management, automating workflows and fostering collaboration among teams involved in design, manufacturing, servicing and distribution. These tools streamline processes, improve productivity, ensure quality and accelerate time-to-market for products.

What Factors Should Businesses Consider When Choosing A Product Lifecycle Management Software?


When selecting a Product Lifecycle Management (PLM) Software, businesses should consider factors such as ease of use, value for money, scalability for both startups and enterprises, comprehensive feature set including change management and compliance and the quality of customer support. Additionally, it's crucial to assess whether the platform aligns with specific business needs and integrates seamlessly with existing workflows for efficient operations and optimal outcomes.

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