The purpose of a product lifecycle management (PLM) system is to streamline and manage a product's lifecycle from initial concept through design, manufacturing, and eventual disposal. PLM facilitates collaboration between various departments, such as engineering, marketing, and supply chain, ensuring that all stakeholders have access to the necessary information. This integration promotes efficiency, reduces time to market, and enhances product quality. By managing all aspects of a product’s lifecycle, companies can improve innovation and respond effectively to market demands.