You can use the datetime function to convert from string to datetime format for plotting. However, the letter T and Z in your string may give you a headache here.
Either manually or via writing a script, replace the T with a space, and remove the Z, then you can send the entire column of data to the datetime function like so:
datetime(Column_of_Time_Strings,'InputFormat','yyyy-MM-dd HH:mm:ss.SSS')
e.g.
datetime('2012-09-01 00:00:00.000','InputFormat','yyyy-MM-dd HH:mm:ss.SSS')
ans=
datetime
01-Sep-2012 00:00:00
Assuming all your time strings in the column follow the same format with a letter T and Z, you could use something like the function strrep to replace parts of the string like so: newStr = strrep('2012-09-01T00:00:00.000Z', 'T', ' ')
newStr = strrep(newStr, 'Z', '')
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