Product Lifecycle Management

Developing B2B/B2G products, services, systems and technology solutions are generally time-consuming, costly and occasionally risky to develop. These offerings often undergo incremental improvements, but their replacement with a new generation is often much slower compared to consumer products.

Effectively managing the product life cycle involves providing support at each stage of the product’s journey, typically through decision reviews called “stagegates”. This encompasses various phases including idea formulation, technical development, market launch, growth, maturity, updates or upgrades, to the end of the market life of the product and its associated services, which can span several decades. This support is inextricably linked to both “techno push” and “market pull” factors, meaning that it is guided by the company’s technical capabilities and innovation capacities, as well as market demands, customers and competition.

Managing the product life cycle also involves ensuring that all products contribute to each other’s commercial success in the market and that the resource allocation across various life cycle phases remains balanced. For example, if a disproportionate number of products are simultaneously in the resource-intensive development phase compared to those in the mature phase, which generally yield higher margins, it can strain the company’s resources. 

Given the significant investments and extended market lifespan of products, product lifecycle management is fundamental in B2B/B2G technology companies. It represents the operational implementation of the product strategy.

This theme explores and provides examples of the different facets of product life cycle management in B2B/B2G technology companies.