Is PLM only for engineering and industrial enterprises? Does it necessarily have to be a physically tangible product to manage its lifecycle?

Even the abstract products like Financial Offerings or non-CAD products like Food and Pharma products follow a similar lifecycle. The financial institutions or manufacturers need to eventually execute a market research and gather requirements, think about product design to outsmart the competition, launch the product, take care of issues reported from market and eventually think about EoL. Compliance and strict regulations compel to document everything meticulously.

Achieving all this, without losing the efficiency across the enterprise, is a huge challenge. Moreover, the market dynamics make it necessary that the platform being used is flexible enough to stay updated for future scenarios - which aren't even thinkable yet.