Early Monday Oracle revealed a new enterprise based software in-front of over 40,000 people attending the Oracle Openworld 2007 event in San Francisco this Monday.

During the opening keynote, Oracle president, Charles Phillips, revealed the company's new Product Lifecycle Management (PLM) software, mainly used in the production sector of different industries. Phillips promises the new technology will help smoothen operations of product based industries and the production process.

The PLM helps companies, industries and different sectors to manage all product related activities because of its unified data model which provides a single and accurate view of a product, Philips told the crowd of IT professionals and journalists. This also helps to maximize the value of your product throughout the production cycle.

PLM originated from Agile, and came under Oracle control after the database company acquired the firm.

Oracle's partners and customers were enthusiastic over the release of the PLM software, especially those involved in the production sector or those with major industrial customers.

The software giant is continuously adding on its E-business suite through various innovations, Philips explained, striving to solve business and IT related problems across all departments of a an organization.

The Openworld event, which started on Sunday, is running until Nov. 15 with various exhibitions bringing businesses together, and technology showcases for the public.