Are you finding it harder to keep your offerings profitable over time? By investing in innovation, establishments can predict and control physical wear, combat obsolescence, and even discover new utilization opportunities. Learn more about technology for longer product lifecycles here.

What Is Product Lifecycle Management?

As the name suggests, product lifecycle management is an approach to managing the entire journey of specific physical goods, from the initial concept and design, through their manufacturing, sales, and service, all the way to their eventual retirement and disposal.

When done right, you can generate more value from existing products while reducing the cost of developing and producing new ones. Your customers will also enjoy lower prices and higher-quality goods.

It all starts by connecting your workforce, operations, and business systems to create a shared information backbone.

Data As a Catalyst for Sustainable Design

In the past, businesses needed to manually collect, verify, and analyze information from scattered sources. The rise of digital systems makes this tedious process faster and more accurate.

When you carefully assess a product throughout its lifecycle, you can obtain valuable insights on the following:

  • Rental: Usage pattern data can help determine whether you can rent a product for more utility and economic returns.
  • Reuse: A product's individual components don't necessarily expire at the same rate. Why not review which parts are reusable to reduce waste?
  • Refurbishment: It's possible to extend the usefulness of electronics, furniture, appliances, and other products through in-depth predictive wear testing.
  • Recycling: Even goods that are seemingly at the end of their life may still give value. End-of-life insights reveal many opportunities, like recycling and material dismantling.

Lifecycle Extension Through Smart Technology Integration

How do you incorporate technology for longer product lifecycles? Take the time to find the right tools that fit your company's workflow and needs. Popular options include:

Internet of Things (IoT)

An IoT network connects devices, sensors, and systems to share data seamlessly. Instead of letting your team sluggishly navigate a disjointed setup, it manages everything via one platform.

In an IoT-capable textile manufacturing facility, for example, the weaving, dyeing, and finishing sections can communicate with each other faster to improve product quality.

Smart Sensors

Today's sensors no longer just read basic data like temperature or pressure readings. Sophisticated devices can now detect the following:

  • Component wear levels that signal the best moments for servicing, reuse, or recycling
  • Quality control metrics, ensuring consistent standards across output
  • Machine performance trends, enabling predictive maintenance and obsolescence reduction

Artificial Intelligence (AI)

A skilled team of analysts is expensive, and making them refine vast amounts of raw data is not an efficient use of their time.

AI-powered machine learning models process data at a rapid rate and condense it into actionable insights. This enables decision-makers to more accurately predict trends throughout the product lifecycle.

Maximizing Value Across the Product Lifecycle

Adopting a circular economy isn't just smart but essential. When you leverage modern technology for longer product lifecycles, you can reduce waste, maximize resources, and unlock long-term profitability. Identify opportunities in your operations today and find the right tools that support your goals.

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