A Product Lifecycle Management or (PLM) system starts by helping companies select the right product ideas out of several initial ones. On the same system, design and engineering teams can work on product design & development as well as collaborate with the rest of the supply chain. Once the product is in manufacturing or in usage, quality issues can also be managed throughout its lifecycle.
An Enterprise Resource Planning (ERP) system assists in the execution of a product. Such systems manage business activities such as accounting, procurement, project management, risk management and supply chain operations. ERP systems capture essential data such as part name, size, material, source, lot number, supplier part number, serial number, cost, and specification.