Use tech to embrace Maturity and Decline
All manufacturers have at one product in the works, what happens when your key product is no longer flavour of the month? Sales start to decline, the product has reached it’s peak and you’re suddenly in a phase of maintenance and massaging the last few drops out of it. How do you know when this is happening and what do you do about it?
Product Data Management Software (PDMS) can help you to achieve your product goals. By applying the modern trend of digitalisation to the way we work to design, develop and sell our products could shave time off the early stages of your product’s life cycle, help you extend the growth stages and help you stave off that inevitable decline for as long as is possible… and all you need is a Cloud based software system that has been tailored to suit you. And once you get to the maturity and decline phases, you’ll be aware and know how to handle it.
Increase communication and reduce risk
An easily configurable system is needed in which you can gather your documentation, your team, your knowledge and your active tasks all in the one place. This is easy to do with the help of a Cloud platform, and may mean you can communicate with offices all over the world – and whenever you want to. But this system doesn’t just help with the initial stages, and software can help you with the Maturity and Decline stages of the life cycle too.
As a product approaches its maturity, Data Management software allows you to see all the available information and analytics regarding your product while it is out there – and lets you make reactive changes in real time… and not just you – but your whole team, remember you have that Cloud behind you! Maturity can be detected and estimated earlier, allowing you time to prepare your next product, or allowing you to make ambitious changes which may extend the Growth stage.
Use your own research
You’ll have statistics and metrics from previous products and you can use the system to help test strategies and get the most out of your product. Using this information is key to success, find out what data you have available and start to test new methods and strategies. What is working, what isn’t working?
Product life cycles and the analytical data associated therein are one of the many areas where the application of tailored programming could really benefit any manufacturer. Software can detect things that we cannot see, can interpret and anticipate changes in the market before they have an effect on you and can inform you of any changes straight away. Even a human monitoring the product life on a 24 hour basis could not provide you with as much data as a centralised and Cloud based system could.
Going into the future, it is safe to say that this will be the way we conduct all of our product management, as modernisation takes hold of businesses all around the globe… Is your company ready for the change? The only acceptable place to be in this situation is ahead of the curve, or you run the risk of your competitors winning out.