Product Lifecycle Management (PLM) is the next wave in productivity that applies lean thinking across the entire product lifecycle through enterprise collaboration. PLM optimizes processes from the beginning by using product information, computers, and software simulations rather than physical testing. Current PLM systems like Siemens NX, Dassault CATIA, Autodesk PLM 360, and PTC PLM enable virtualization of physical objects, turning practices into well-defined processes, and complete integration across the organization. PLM represents the next level of lean thinking beyond lean manufacturing by enabling optimization of the entire product lifecycle through digital information sharing.