Product lifecycle management (PLM) is a business system that provides control of the product record across all development stages—from concept to design to production. With a PLM system in place, a company can manage product data including items, bill of materials (BOMs), and approved manufacturer lists (AML) and product files.
Enterprise resource planning (ERP) is a business system used to manage financials and reporting around activities such as accounting, sales forecasting, manufacturing planning and execution, customer care and support and shipping logistics.