The objective of PLM is to reduce costs and increase sales in the following ways.
1. Faster product development leads to more sales.
2. Control over Product configuration (variants and options).
3. Efficiency improvement leads to lesser costs.
4. Breaks silo, increased collaboration leads to fewer mistakes.
5. Scalability and Accessibility
6. Traceability
7. Remote working, remote commissioning, and remote monitoring are possible.