The Circular Economy (CE) is a priority topic for various stakeholders such as politicians, scientists, and industry. However, despite the significant interest in CE, there is still a lack of a framework explaining how manufacturing companies willing to become circular adapt their existing business model. The concept of this work is based on the use of Information Technologies such as the well-known and long-proven Product Lifecycle Management (PLM) solutions in the implementation and maintenance of the CE concept to reduce the consumption of primary raw materials, increase employment rates, and reduce environmental damage. This paper aims to assess the feasibility and effectiveness of using the PLM approach to implement the CE concept. The authors selected the most common and effective PLM functionalities and then assessed them to support selected components of the CE concept using qualitative and quantitative methods. The performed assessment and the inter-relation matrix of benefits developed on its basis allowed for pointing out the feature combinations that would bring the best outcome. The conducted study proved that the implemented and properly working PLM solution could simultaneously support CE concepts. PLM functionalities such as (1) product development, (2) transparency, and (3) value-maximizing with the combination of CE functional areas of (1) personalization, (2) made to order, and support turned out to be particularly effective. This study contributes to ensuring an effective and quick process of implementing CE concept in manufacturing companies and moreover opens further research ideas in bringing the Circular Economy to life.