Implementing product lifecycle management strategies can be intimidating at first glance, but it's also necessary. Here's why and how you should implement a PLM strategy of your own.

The revolution goes by many names: machine-to-machine communication, smart manufacturing and the Industrial Internet, to name a few. In Europe, the prevailing term is Industry 4.0. In Germany, where that phrase was coined, the government is putting down €200 million to cultivate a lead in the industry. The McKinsey Global Institute estimates that its potential economic impact will be almost $4 trillion (or more) by 2025. Enthusiastic evangelists will tell you that the Industrial Internet is the most important advance in their industries that they’ve seen in their decades-long careers.