[MUSIC] The purpose of this module is to provide an overview of product life cycle and describe the challenges, and opportunities that organization face in adoption of advance manufacturing technologies. We will discuss the desire for collection of product life cycle data, as well as outline the required features for a highly connected enterprise. In addition we will provide several examples of information sharing infrastructures. And we'll elaborate the concept of product life cycle management, or PLM systems. Finally we will discuss several examples of effective data collection technologies. Upon completion of this module, you will be able to identify the features required for a highly connected enterprise. Explain the concept of product life cycle management, or PLM systems. Identify at least one effective data collection technology. [MUSIC] In this first lesson we will review the concept of product life cycle. And we'll discuss different phases a product will go through the life cycle. Let's review what is a life cycle. A life cycle describes a lifetime of an asset and is divided into several phases depending on the perspective taken. From the market perspective life cycle includes four main phases. Product introduction, growth, maturity and decline. From a customer's perspective the life cycle phases include purchase, operation, support, maintenance and disposal. From a manufacturer's standpoint, the life cycle includes product conception, design, product and process development, production and logistics. When looking from a market perspective we see products go through a sequence of various stages that have specific marketing characteristics and require unique marketing strategy. The introduction phase starts after a small number of a new product is introduced to the market, and the size of the market is very small. In this stage reasearch and development and consumer testing play pivotal roles. The growth stage occurs when the company starts to profit from the initial capital that has been invested in the product. In this stage a significant growth takes place in sales revenue and profit. The maturity stage is when the product is established in the market and manufacturers compete over their market share. Manufacturers will then often modify their designs to maintain a competitive edge. And finally the decline phase. In this stage the market shrinks as new innovative products are generated. To still gain profit, manufacturers will usually switch to cost effective alternatives. An example of each can be seen today in the television set industry. 3D TV's are in their introduction stage. Ultra high definition 4K TV's are in their growth stage. Flat screen LCD's are in maturity stage and Plasma or CRT TV's are in their decline stage. Another way to define the product life cycle is to look at the entire life cycle of the product from its pre-manufacturing, manufacturing and usage stage to the disposal of the manufactured product. Some phases are design, material extraction, manufacturing, sales, shipping, usage, disposal and end of use phase. Stakeholders contribute to the product life cycle differently based on their different interaction with the product over its life cycle. Stakeholders can then generate data relevant to themselves that can be further analyzed and utilized. Stakeholders can be consumers, manufacturers, retailers, repair service providers, recyclers, dismantlers, re-manufacturers and transporters.