Products are ending up being extra complicated and, at the same time, manufacturing enterprises need their processes to be extra streamlined, to reduce costs and time to market. This chapter focuses on product lifecycle management. Products function as a digital foundation for handling and controlling data throughout the lifecycle process of product maturity and act as a database for the enterprise. Geographically spread out product designers and manufacturing plants as separate things, it is product lifecycle management that helps in binding people, and procedures further managing all these aspects, and provides business much more control, allowing enterprise to be a lot more competitive. It has substantial capacity to scale and allows all stakeholders (members of New Product Development/New Product Introduction) in a product’s lifecycle to see how the product is fulfilling and how it is being made use of in real time. Manufacturers are making use of PLM adoptions to optimize all aspects of the product growth process. To recognize specifically how product lifecycle management can profit service, it is necessary to understand what solutions have to supply. Regardless of how product lifecycle management is defined, the author touches the base of the main components, which is very important for product lifecycle management solution to be efficient for a manufacturing organization.