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Product Development and Lifecycle Management

Collaborate, Design, Deliver, Retire

New products are constantly being brought to the market, and while some have planned obsolescence, others need a defined lifecycle to avoid ultimately draining company resources and profits.

Product development is the process of designing and creating a new product, from the initial idea stage to the final production and launch of the product.  Product development projects require close collaboration among multiple departments and teams, such as engineering, design, marketing, sales, and manufacturing. This process typically involves research, design, prototyping, testing, and marketing.  Product development aims to create a product that meets the needs and wants of the target market, is technically feasible to produce, and can be brought to market at a price point that generates a profit for the company.

On the other hand, lifecycle management manages a product from its inception through its retirement.  This includes managing the various stages of a product’s lifecycle, from introduction to growth, maturity, and eventual decline.  Lifecycle management involves multiple activities, including product planning, development, testing, launch, marketing, sales, and support.  Lifecycle management aims to ensure that a product remains relevant and profitable by continually updating and improving it to meet changing customer needs and market conditions.  It also involves hard decisions when customers what to stay on previous product generations rather than transition to newer versions.

Our comprehensive approach to organizational success helps align the efforts of these cross-functional teams by managing dependencies and establishing effective communication strategies.

Fostering Innovation

As trusted advisors, we assist clients in navigating the complexities of advanced technologies, regulatory frameworks, time-to-market pressures, and significant risks that are often associated with product development.