What is PLM?
Product life-cycle management is all about managing the product’s various aspects in such a way that it generates the least costs with the most profitability and sales for as long as it lives. No matter how big the company or how successful the product is, it is bound to go through all the stages of a product life cycle. However, correct strategies used at the right time can extend the desirable stages or permit a company to shift to the next cycle before reaching the unfavorable stages of the cycle. Our product does just that, it helps you identify the right opportunity at the right time for your business to be successful.
The amount of R&D (research and development), marketing, investment, and the like change throughout all the various stages the product passes through. The strategies, approaches, tactics, and importance are given to a certain product also vary throughout these stages.
For example, the cash being generated by a product in its growth or maturity can be harvested to be injected into a product in its introduction stage (to work towards making it more successful) or decline stage (to invest in extension strategies or the process of shutting it down before it generates huge losses).
What are the strategies with tools?
Our tools help the businesses estimate how much of this extra cash can be harvested from one or how much will suffice to discontinue the other in a manner that does not impact the performance of other products adversely. They can also help businesses estimate how long each stage of the PLC will be for each of the products in its portfolio so that it can plan beforehand on what to do when a product reaches a certain stage. This allows businesses to be proactive and even make contingency plans in case things don’t work out the way they initially planned so that the damage that may be caused can be minimized.