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Generally product lifecycle management (PLM) is characterized as an integrated management process of product information and related processes across the product lifecycle. PLM affects development time of product and optimize the cooperation of all components of the development process of products. Therefore attention has to be paid to this fact in production and research. Processes across the entire product lifecycle management are complex and it is difficult to support various levels of cooperation. It is necessary to identify technological solutions to facilitate the implementation of PLM systems into processes of product life cycle. In the paper is presented derivation of technology solutions for PLM (product lifecycle information modeling and management, product lifecycle knowledge management, design chain management, product lifecycle process management, product trade exchange, collaborative product service and product lifecycle portal for stakeholder, developer, customer, manufacturer and supplier) and applications of advanced information technologies for implementation of PLM. In the paper is also described the technological solution which was developed to meet industrial requirements and obtain long term sustainability in today’s highly competitive market. Currently, still only a few small and medium-sized enterprises (SMEs) uses real benefits that PLM offers. The small and medium-sized enterprises also try to implement those technologies but, despite their flexibility, they have difficulties in structuring and exchanging information. Enterprises also have problems in creating data models for structuring and sharing product information, especially in the context of extended enterprises. It is caused by several factors that may have information, technical and financial character. Article refers and highlights the benefits that PLM brings by extension of PLM into so called “Closed-Loop Lifecycle Management (CL2M)”. It also describes the major barriers to the implementation of PLM in SME and propose possible solutions.