Enhancing Sustainable Practices in the Circular Economy through Effective Product Lifecycle Management

This study examines how Product Lifecycle Management (PLM) can be integrated into the circular economy, with an emphasis on how it can improve sustainability. To address urgent global issues like resource depletion and environmental degradation, a circular economy must be adopted. PLM that works well is going to be essential to making this shift. In reviewing the state of PLM and the integration of the circular economy, the paper draws on important discoveries that highlight the practices’ transformative potential. It assesses the advantages of implementing PLM in the circular economy from an environmental, economic, and social standpoint by looking at the body of research and empirical data. Additionally, it addresses new developments, like the role of cutting-edge technologies (like AI and IoT) and offers suggestions for businesses and legislators to support this integration. The results highlight how incorporating PLM into the framework of the circular economy can drastically cut waste production, improve resource efficiency, and lessen environmental impact. PLM-supported circular design concepts and business models provide cost savings, revenue diversification, and enhanced brand recognition. Beyond financial gains, PLM integration has significant positive social effects as well, such as increased employment and easier access to reasonably priced, high-quality goods. Long-term effects include resilience, global sustainability, and industry transformation, providing a viable path forward for tackling global issues. This study emphasizes how crucial efficient PLM is to reach global sustainability goals at a time when sustainability is of the utmost importance. Businesses can align themselves with the larger sustainability movement and promote a more sustainable and prosperous future by incorporating PLM into their strategies. This paper highlights PLM’s transformative potential in the context of the circular economy and its capacity to tackle the world’s most pressing issues.