The three formats are not competitors. They solve different problems, and the expensive mistake is picking one for a job it was never designed to do - especially where model-based definition is involved.
The overlap between PLM and ERP is small, specific, and the source of most integration pain: the BOM, the item master and the approved vendor list. Here is how to decide which system owns what, and why the usual answer is wrong.
Almost every explanation stops at 'they are different views of the product'. That is true and useless. Here are the five concrete transformations that separate them, and why keeping them aligned is harder than it looks.
A practical introduction to PLM fundamentals: what it is, the benefits it delivers, and the implementation steps organisations follow when adopting it.