Product Lifecycle Management is a cross functional, integrated system the purpose of which is to understand fully, the lifecycle stage and maturity of the products and services being offered by the organisation.
Essentially, it is how new business is developed, introduced, managed and retired within the organisation.
How will this be achieved?
- Create a process that is capable of developing, introducing, managing and retiring products and offerings.
- Fully understand current needs of existing and potential customer groups, in both terms of service and quantity.
- Fully understand the current condition of assets and their capability to deliver the required customer satisfaction.
Why would you do this?
- Optimise the performance and investment around products enabling customer satisfaction realising maximum profit.