Product lifecycle management- What Are the Main Objectives of Project Management?

Product lifecycle management- What Are the Main Objectives of Project Management?

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 »

Basics of Product Lifecycle Management

Basics of Product Lifecycle Management

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 More »

 

Why Product Lifecycle Management Matters

PLM overview

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.

Ultimately, there is no point in producing anything unless the product have a significant lifecycle. After all, no one wants to spend their money on a product that is going to fail quickly. While it is understandable that some products are going to last longer than others, the goal should always be to provide high-value and reduce the need to make constant repairs in order to keep it up and running.

The first stage is general designing, which is where it all begins. Without proper design, every other aspect is going to fail because the product itself has flaws in it. After a product has gone through the entire life cycle, it may be necessary to “go back to the drawing board” in order to address various design flaws that may have been identified.

The second stage is manufacturing, and this aspect needs to be managed efficiently as well. If there are any undesirable manufacturing practices, the product is going to have a reduced lifecycle. There may not be any kind of quality assurance in place or the materials used during the manufacturing process may have been less than desirable.

diagram of lifecycle management

The third stage is distribution, and this is when it begins to make its way out to the customers. This is a stage where many people need the product lifecycle management in order to identify issues. If there are problems throughout the distribution, the product may be damaged by the time it gets into the hands of the customer.

Once in the hands of the customer, there needs to be some kind of service and support in place. Customers may need assistance with how to use the product or need to receive some kind of service periodically to keep the product well-maintained. This is generally considered the most important stage simply because customers want to feel as though they are getting a good value. The longer the product can stay in the hands of the customer, the better it is going to be for everyone involved.

Providing significant amounts of customer service and maintenance/support is important, though it can also be costly. Companies who take the time to identify the importance of the stage and how they are going to manage the process are those that generally succeed throughout their industry.

Finally, there is the end of life, which ends the product lifecycle for that individual product. This is ultimately when the product has lost its value and can no longer be used by the customer. By no means is this the end, however.

Product lifecycle management identifies that there is an ongoing lifecycle. Once the product has ended, there is the importance of going back into the design phase in order to address issues that may have been identified throughout the initial lifecycle. Taking the time to analyze and assess within each phase can lead to better overall product development.

 

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