Life Cycle Management

Life Cycle Management

Applying Holistic Life Cycle Management To Your Business

Life Cycle Management

Life cycle management is a holistic mindset that seeks to implement a framework for managing each stage of the development of a product or service. This framework assists business operators to identify the potential economic, social and environmental risks and opportunities that present at each stage and to establish proactive systems to maximize business outcomes and minimize risks. Lifecycle management can be applied to all businesses and is a relatively new approach that brings together different best practice principles that have been used and integrated in different business processes throughout the world. This new framework is set to gain increasing importance in the years to come as a direct response to growing social conscience, concern and practical understanding provided by industry and business feedback.

A business life cycle encompasses all the activities that contribute to creating, marketing, distributing and disposing of a product or service from initial conception, design and manufacture through to supply chain management. By focusing on each stage of the process, companies can extract additional organizational, economic, environmental and social value which can be used to create a life cycle management plan. Key initiatives from life cycle management focus on improving competitive advantage, identifying new strategic opportunities, expanding and consolidating existing markets, reducing costs, enhancing existing relationships with stakeholders and managing risks through the production process through to the supply chain.

Life Cycle Management

Lifecycle management requires an understanding of key performance variables to measure and benchmark total business, product and organizational performance. This applies at both the input and output level, planning, design, development, purchasing and communication initiatives and stages. This awareness helps to improve decision making, increase sustainability and economic efficiency, identify mutual opportunities for different companies during each stage of the process and to conceptualize and structure work to reduce risk throughout the entire process.

Lifecycle management includes looking ahead to future trends beyond the products characteristics and consumer preferences. This includes investigating trends in other markets to determine relevance, identify emerging trends and determine the relevance for strategic and business advantage. A proactive approach to lifecycle management involves investigating initiatives from overseas companies, sourcing case studies of relevance and adapting proven business processes for business and industry application.

Lifecycle management is gaining momentum at the governmental, industry and company wide level. This is a direct response to the changing business environment and an increase in awareness and understanding fostered from lifecycle management practices producing superior outcomes. Proactive governments are taking an active interest in improving economic efficiency and sustainability by introducing regulatory initiatives to guide companies towards developing best practices to improve operational synergy, reduce adverse external effects and promote more viable production and consumption patterns.

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