Project management is an extremely powerful discipline and skill-set that can make significant improvements to a business. It achieves this through creating new products and services, improving how businesses do things and More »
Every time a product is purchased for use in a business, there needs to be some kind of program in place to handle product lifecycle management. This will ensure that the product is continuously monitored and phased out when appropriate. Further, the product lifecycle begins even before it gets in the hands of a customer.
Too many companies don’t have any kind of emphasis on product lifecycle management. This is when products are often in poor condition. Money is spent on repairs continuously and the reality is that the product should have been phased out years ago. However, there is no management on the lifecycle and so it acts as a drain on expenses – often flying under the radar of the operations manager.
The lifecycle of a product is relatively simple, though it has to be managed.
The first aspect is that it goes through a design. The elements within the design are going to impact the other stages of its life, such as what materials are used and how long it is intended to last.
When it moves into the manufacturing phase, higher quality manufacturing standards can also impact the life of the product.
It is then distributed, and this is when the lifecycle needs to be truly managed. When does it enter inventory? How long should it remain in rotation before being phased out? These need to be identified early on to avoid complications.
When the product is in the hands of the customer, there needs to be service and support available. This can help to increase the length of the lifecycle. Many times, consumers are going to have questions about how to use the product or what needs to be done to maintain it. If there is a maintenance schedule and potentially service calls available, the product can last longer – and this is also going to provide a higher value to the end user.
By incorporating product lifecycle management into a business, there is the opportunity to ultimately save money, offer better products for employees to work with and consumers to receive, and ensure that operations run like a well-oiled machine.
Every product has a life and it needs to be understood from the very beginning. It starts with the design phase and if any of the stages are forgotten or skipped, it can result in problems throughout. The cycle continues over and over with each new product and it is possible to learn from past mistakes. If a product reaches end of life sooner than necessary, analysis needs to take place to determine what needs to be done to prevent such a short life the next time around. What could be changed in the design? How can manufacturing standards be raised? Does additional service and support need to be added?
Companies can be more successful when they explore the management of the product lifecycle more effectively – and ensure that there is someone overseeing every step in order to give the end user the value they expect when they ultimately make a purchase of said product.
Product lifecycle management is a critical process for any company that produces a product for themselves or for an end-user. There are various stages within the lifecycle of a product, and in order to provide better value, each stage needs to be managed effectively.
In a 2016 address from the Kauffman Foundation, President and CEO Tom McDonnell announced that his organization plans to focus on the challenges that today’s entrepreneurs face in America. Named “America’s New Entrepreneurial Growth Initiative,” the goal is to “devise the proper policy framework that can stimulate an era of renewed entrepreneurial growth.”
Project management is an extremely powerful discipline and skill-set that can make significant improvements to a business. It achieves this through creating new products and services, improving how businesses do things and reducing the possible impact of future changes. In this article we’ll look at the main objectives of project management and project managers.
Production Lifecycle Management (PLM) is a strategic approach to business that uses a consistent set of solutions to facilitate the creation, distribution and management of the product development process. PLM integrates all the people, data, processes and business systems involved in conceptualizing a product to bringing it to life.