Lifecycle Management and Governance: A Strategic Footprint for Business Success
by Alex Wade
Lifecycle management and governance (LCMG) is a holistic approach to managing products, services, and processes throughout their entire lifecycles. It encompasses all aspects of product development, from conception to end-of-life, as well as the systems, processes, and people that support these activities.
LCMG is becoming increasingly important for businesses of all sizes. Businesses are recognising that LCMG can help them to reduce costs, improve efficiency, increase productivity, enhance sustainability, mitigate risk, and improve compliance.
See below a few examples where this is working in real businesses.
Example: : A business using artificial intelligence to predict product demand
Many businesses are using digital technologies to automate and streamline LCMG processes. This is helping them to improve efficiency, reduce costs, and gain better visibility into their lifecycles.
For example, these businesses are using artificial intelligence (AI) to predict product health & demand, optimise supply chains, and identify potential risks. They also use Skyjed Connect technology to track product governance with their value chain partners and ensure compliance with regulations.
Example: A business collaborating with its suppliers to develop sustainable sourcing practices
Businesses are collaborating with their suppliers, customers, and other stakeholders to improve LCMG. This is helping them to identify and share best practices and to reduce the risk of disruptions.
For example, businesses are working with their suppliers to develop sustainable sourcing practices and to reduce waste. They are also working with their customers to collect feedback on products and services, and to identify new opportunities for improvement.
Example: A business designing a product for durability and recyclability
Enterprises are increasingly incorporating sustainability into their LCMG practices. This is helping them to reduce their environmental impact and improve their social and ethical performance.
For example, businesses are using recycled materials in their products, designing products for durability and recyclability, and reducing their energy consumption. They are also working to reduce the carbon footprint of their supply chains.
Businesses that can effectively manage their lifecycles have shown to be more likely to be successful in the long term.
How businesses can get started with LCMG:
- Identify your lifecycles. What products, services, and processes do you need to manage?
- Assess your current state. How are you currently managing your lifecycles? What are your strengths and weaknesses?
- Set goals. What do you want to achieve by improving your LCMG practices?
- Develop a plan. This should include specific actions that you will take to improve your LCMG practices.
- Implement your plan and track your progress. It is essential to review your progress and adjust your plan as needed regularly.
If you want to learn more about LCMG or how to implement it in your business, please visit our website www.skyjed.com or contact me to discuss.