What challenges do retailers face?
Product lifecycle management | Increase your revenue! Do you have enough stock to meet demand after a product launch? Can you scale up fast enough? How do you react if the new product is not a success? How do you know when the product is becoming obsolete? Can you avoid obsolescence? Companies can make a lot of money through effective product lifecycle management, but it’s a tough job. How can you keep product lifecycles in order?
Every product goes through a product lifecycle consisting of five phases. As a supply chain professional, how can you ensure you keep just enough inventory at every stage? Unfortunately, the duration an item spends at each stage is different for every product, as is the growth curve and total demand. Furthermore, a large number of products fail during the introduction phase and thus move directly to the phase-out aspect of the product lifecycle. That’s just the way it is.