Product life-cycle Management is the process of a product starting from manufacturing to shipping. A product undergoes a lot of processes, from the idea being generated to trial and error to produce and refine the product. Check its durability, pattern, colour, design and much more. A product undergoes all these things.

When running a business, you must know the process and its life-cycle management. Well, in this blog we will look into this process and management.

Why do you need product life-cycle management?

A company that produces a product goes through a lot of things in creating a product. So in order to support this, product life cycle management is created to sort out the issues in manufacturing and designing. 

It has been great as it helps in overall support of the Lifecycle of the product. It has also helped with the engineering challenges that a company undergoes while manufacturing a product. 

PLM – Product Lifecycle Management began in 1985. The American Motors Corporation came up with an idea to speed up their production. So with the help of Computer-Aided Design, they made it effective and efficient. At first, the PLM was introduced to support the engineers and later its focus shifted to customers. 

Stages of product life-cycle management

It all starts with the idea, and then it proceeds to design. The design is then converted and transformed into a product. It can be divided into four stages: creation, manufacturing, and shipping. Let us look at them one by one for better understanding.

Introduction

This stage is quite expensive and tedious. You have to create a product with an idea. First the thinking process, then you put that thought into an idea. You have to spend a lot on manufacturing, research a lot and look for the launch and promotion. While all these steps are vital and expensive, they can’t be ignored. 

Growth

The stage focuses on the increase in sales and profits. This will gain more production and will have more profits. Businesses need to promote the product and the reach will make the market and the product sell high.

Maturity

 A product maturity stage is when a product is very well established in the market. We have to maintain this maturity stage in the market so you have to make any improvements to the product and make it competitive among all other products. 

Decline

 This is the final stage of the market where the product comes to decline. This could be recent, where the market is swift for another product or this can be possible for other products that come at very less price and it is where the product value and market decline are called a decline stage. 

Benefits of product life-cycle management.

•  It has product quality and designs
•  It comes with different costs at different marketing time
•  It makes quick revenue and sales opportunities
•  It improves engineering efficiency and development
•  It optimizes the product and is a very good framework
•  It focuses on product delivery and how to manage seasonal fluctuations
•  It can 4 cause the reduced cost
•  It has a supply chain collaboration

Wrap Up

The product life cycle management has been very great for companies which had made the product gain more innovation collaboration and its efficiency has helped to grow the design and how to produce the product according to the customer need and it has focused the product individualisation. Product life cycle management will help more companies to grow faster and the software could be used for even the smaller companies as they can gain more revenue and reach more products for the customer better.

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