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Life Cycle Management of Service and Product is a strategic approach to managing the entire life span of a product or service from inception to phase-out. It encompasses design, production, distribution, and post-consumption processes, ensuring optimal performance, sustainability, and profitability throughout. By understanding and optimizing each phase, businesses can create value for their stakeholders, reduce costs, and promote long-term sustainability.
Lifecycle management is at the heart of ensuring the longevity and profitability of products and services in an enterprise. Essentially, lifecycle management refers to the comprehensive process of managing the entire lifecycle of a product, from inception to its end of life.
With the continuous evolution of technology, especially important is the role of artificial intelligence, machine learning, and the Internet of Things in shaping the future of product development. These technologies, when incorporated into PLM systems, not only speed up the product development process but also drastically improve the quality and efficiency of products and services.
In conclusion, lifecycle management is the process that ensures the successful journey of products and services from conception to retirement. By integrating modern tools, techniques, and technologies, enterprises can gain a competitive edge, ensuring profitability and sustainability across the product lifespan.
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