The technology used to manage the lifecycle of products and services is called Product Lifecycle Management (PLM). This approach integrates people, processes, data, and technology to oversee a product’s development from conception to retirement. PLM tools facilitate collaboration among teams across various stages of product development, ensuring that all relevant information is accessible and up to date. By optimizing resource management, reducing time-to-market, and enhancing innovation, organizations gain a competitive edge in their respective industries.