Engineering Product Lifecycle Strategies

Over the past few weeks, we’ve engaged in several discussions with our clients about the upcoming eco-design and product related transparency requirements in the EU.   While addressing compliance-related matters is necessary, it’s equally important to avoid getting stuck in the details. With a focus on the bigger picture, every risk also presents an opportunity.   What will your sector look like in 3, 5 and 10 years' time? Ensure that you’re making the right decision today, with a plan for tomorrow.   TRANSFORM The EU is pushing for a shift to a net-zero and circular economy. However, compliance is just one piece of the puzzle. It’s equally important to explore how these requirements, combined with other megatrends, will shape your business in the coming years. Consider how changing end-user needs and behaviors, AI and other disruptive technologies, the planetary crisis (climate change, biodiversity loss, pollution etc), resource scarcity, geopolitics and protectionism together with other relevant megatrends will affect your sector and your products and services going forward. ▪ How is your business responding to these changes? ▪ What will drive profitability in the future? ▪ How can you safeguard your products and business model for the long term? One thing is clear. To ensure a resilient business models for the future, there is a need to integrate companies’ digital and sustainability transformation agendas. We need to design profitable, user centric business models for a net-zero and circular economy and with respect for human rights. OPTIMIZE While understanding the bigger picture is crucial, action is needed to ensure compliance with upcoming regulatory requirements. Eco-design marks the first step in the transition towards circular business models. Developing products according to new demands and getting access to the required data takes time, so start in time. ▪ Identify product-specific regulatory requirements. ▪ Conduct lifecycle assessments (LCAs) to understand and reduce your products’ environmental footprint. ▪ Integrate eco-design principles into the design process. ▪ Design durable products that can be repaired, refurbished, reused, remanufactured, upgraded, and recycled (planned obsolescence is no longer an option). ▪ Ensure energy efficient products. ▪ Strive to use biodegradable and/or recycled and recyclable materials. ▪ Identify and minimize the use of substances of concern. ▪ Aim for supply chain transparency and traceability. ▪ Prepare to meet information requirements for digital product passports. ▪ Leverage digital solutions to enable a data-drive approach. Many of the requirements in the new EU regulations will cascade down global supply chains. So even if your company isn’t covered by these regulations, your business is likely to be affected if your customers, or your customers’ customers, are affected. #Semcon#Goodpoint#Knightec

I deal with many young manufacturing companies for PLM, and the question of timing to implement is always in question. While there isn't a one-size-fits-all answer for when to implement, here are some considerations to help determine the best time to implement PLM, some food for thought: Product Complexity and Development Cycle: If your products have a long development cycle and are complex, implementing PLM early can streamline the design and development processes. Scale of Operations: Consider the scale at which your manufacturing operations are growing. If you anticipate rapid growth, implementing PLM early can help manage increased complexity. Collaboration Needs: If your company involves collaboration among different teams, including design, engineering, and manufacturing, PLM can enhance communication and coordination. Regulatory Compliance: If your industry has strict regulatory requirements, implementing PLM early can assist in ensuring compliance from the start. Data Management Challenges: If you're already facing challenges in managing product data, documents, and revisions, PLM can provide a centralized solution for efficient data management. Cost Considerations: Evaluate the costs associated with implementing PLM. While it may involve upfront expenses, it can result in long-term benefits and cost savings. Training and Change Management: Consider the readiness of your workforce for adopting PLM. Implementing it at an early stage allows employees to adapt to new processes more gradually. Competitive Advantage: If PLM can give your company a competitive advantage in terms of faster time-to-market, better product quality, or cost efficiency, it might be beneficial to implement it early. IT Infrastructure: Assess your existing IT infrastructure. Ensure that your systems can support PLM, or plan necessary upgrades concurrently with PLM implementation. Strategic Planning: Align PLM implementation with your company's overall strategic goals. If PLM supports key business objectives, it might be worthwhile to implement it early in your company's lifecycle. There is no fixed timeframe for implementing PLM, but based on experience early adoption can offer several advantages. Assess your specific business needs, industry requirements, and growth projections to make an informed decision. Additionally, consulting with PLM experts or professionals in your industry can provide valuable insights tailored to your company's circumstances. #plm #manufacturingexcellence

You never really "Stop" doing a Product Strategy. You adjust the Product Strategy according to the product lifecycle. It's also important to recognise that product strategy doesn’t end once you receive data indicating whether you're on the right track. This data will evolve. Therefore, you continuously refine your strategy in response to the product life cycle. Early on, during the discovery phase, you will have a product strategy that could be right or wrong—who knows? Once you launch your product, you'll update your plan based on new data. Your strategy may be accurate or not, but it’s crucial to adapt it. Your strategy will change accordingly as the product moves through different stages—growth, maturity, decline, and achieving market fit. For instance, in the discovery phase, you might focus on determining whether you have a viable product. This involves testing many hypotheses. However, as you establish product-market fit and gain customers, your focus shifts from validating that fit to pursuing growth: how to attract and retain more users cost-effectively. This transition also leads to discussions about new product types or products that may compete with your own. In the decline phase, your product strategy might shift again to address the product's decreasing demand. You would then evaluate how to either sustain or discontinue the product. So here it is: your product strategy evolves throughout the product life cycle, adapting to the challenges and opportunities presented at each stage.

📢 𝗧𝗵𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗟𝗶𝗳𝗲𝗰𝘆𝗰𝗹𝗲 𝗘𝘅𝗽𝗹𝗮𝗶𝗻𝗲𝗱 – 𝗔 𝗚𝘂𝗶𝗱𝗲 𝗳𝗼𝗿 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗠𝗮𝗻𝗮𝗴𝗲𝗿𝘀 Every product goes through a 𝗹𝗶𝗳𝗲𝗰𝘆𝗰𝗹𝗲—from its first spark of an idea to eventual decline. Understanding these stages is 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗳𝗼𝗿 𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀 to make the right decisions at the right time. Here’s a 𝗯𝗶𝘁𝗲-𝘀𝗶𝘇𝗲𝗱 𝗯𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻 of the 𝟱 𝗸𝗲𝘆 𝘀𝘁𝗮𝗴𝗲𝘀 of a product’s lifecycle: 🔹 𝟭. 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝗦𝘁𝗮𝗴𝗲 (Pre-Launch) 💡 Research, validate, and build the first version. 🔍 Identify market needs and define MVP. 📊 Heavy investment, no revenue yet. 🔹 𝟮. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗦𝘁𝗮𝗴𝗲 (Go-To-Market) 🚀 Official launch to early adopters. 🎯 Heavy marketing to drive awareness. 📉 High costs, low revenue—profitability is still a challenge. 🔹 𝟯. 𝗚𝗿𝗼𝘄𝘁𝗵 𝗦𝘁𝗮𝗴𝗲 (Scaling Up) 📈 Demand increases, user adoption grows. 💰 Revenue starts climbing, profitability improves. 🛠️ Focus on iteration, scaling, and market expansion. 🔹 𝟰. 𝗠𝗮𝘁𝘂𝗿𝗶𝘁𝘆 𝗦𝘁𝗮𝗴𝗲 (Peak Performance) 🏆 Market saturation—competition is at its highest. 🔄 Optimization & differentiation become key. ⚖️ Stabilized revenue, focus shifts to retention & efficiency. 🔹 𝟱. 𝗗𝗲𝗰𝗹𝗶𝗻𝗲 𝗦𝘁𝗮𝗴𝗲 (What’s Next?) 📉 Sales slow down, market interest declines. 🔄 Time to innovate, pivot, or sunset the product. 💡 Can you refresh, repackage, or create something new? ✨ 𝗪𝗵𝘆 𝗱𝗼𝗲𝘀 𝘁𝗵𝗶𝘀 𝗺𝗮𝘁𝘁𝗲𝗿? Knowing where your product is in its lifecycle helps shape your 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆, 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀, 𝗮𝗻𝗱 𝗻𝗲𝘅𝘁 𝗺𝗼𝘃𝗲𝘀. Each stage demands 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝗮𝗻𝗱 𝗳𝗼𝗰𝘂𝘀 𝗮𝗿𝗲𝗮𝘀—ignore them, and your product risks stagnation. 💬 What stage is 𝘆𝗼𝘂𝗿 𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝗶𝗻 𝘁𝗼𝗱𝗮𝘆? How do you navigate these transitions? Let’s discuss! 👇 💡Navigating the product lifecycle requires the 𝗿𝗶𝗴𝗵𝘁 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗮𝘁 𝗲𝘃𝗲𝗿𝘆 𝘀𝘁𝗮𝗴𝗲—at 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗗𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲, we help businesses 𝗯𝘂𝗶𝗹𝗱, 𝘀𝗰𝗮𝗹𝗲, 𝗮𝗻𝗱 𝘀𝘂𝘀𝘁𝗮𝗶𝗻 𝗵𝗶𝗴𝗵-𝗶𝗺𝗽𝗮𝗰𝘁 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀. Learn more at www.productdiscipline.io. #ProductManagement #ProductLifecycle #DigitalProductDiscipline #Innovation #GoToMarket #Scaling #GrowthStrategy #ProductStrategy

🚀 𝐁𝐫𝐢𝐧𝐠𝐢𝐧𝐠 𝐀𝐠𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐭𝐡𝐞 𝐄𝐧𝐭𝐢𝐫𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐋𝐢𝐟𝐞𝐜𝐲𝐜𝐥𝐞: 𝐃𝐞-𝐫𝐢𝐬𝐤 𝐁𝐞𝐟𝐨𝐫𝐞 𝐘𝐨𝐮 𝐁𝐮𝐢𝐥𝐝 🚀 When most people discuss agile, they focus on engineering workflows. But true agility starts much earlier in the product development lifecycle, long before a single line of code is written. Let's explore how agile product development—not just agile engineering—makes your product strategy more effective: 1️⃣ 𝐃𝐢𝐯𝐞 𝐃𝐞𝐞𝐩, 𝐔𝐧𝐜𝐨𝐯𝐞𝐫 𝐆𝐨𝐥𝐝 Conduct thorough research to gain rich, actionable insights. Prepare for customer conversations that yield valuable nuances and challenge assumptions. 2️⃣ 𝐂𝐨-𝐂𝐫𝐞𝐚𝐭𝐞, 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐞, 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐞 Collaborate with customers to refine solutions. Ensure seamless integration with existing processes and address pain points effectively. 3️⃣ 𝐃𝐞𝐬𝐢𝐠𝐧 𝐟𝐨𝐫 𝐃𝐞𝐥𝐢𝐠𝐡𝐭, 𝐓𝐞𝐬𝐭 𝐟𝐨𝐫 𝐓𝐫𝐢𝐮𝐦𝐩𝐡 Craft high-fidelity designs and rigorously test usability. Aim for intuitive interfaces that deliver value without extensive training. 4️⃣ 𝐋𝐚𝐮𝐧𝐜𝐡, 𝐋𝐞𝐚𝐫𝐧, 𝐋𝐞𝐚𝐩 𝐅𝐨𝐫𝐰𝐚𝐫𝐝 Use alphas and betas to gather scaled feedback. Iterate rapidly based on real-world usage to prevent biases and validate repeatable value. This is Agile, Not Waterfall 🚫 Agile is about flexibility, adapting based on continuous feedback, and evolving through every stage of development. It's a structured approach based on cycles of learning, testing, and iterating. By the time you reach development, you're working with a refined, validated concept, reducing costly adjustments and ensuring you're solving the right problems for users. 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧: How do you de-risk in product development? Share your insights below or tag someone who'd find this approach valuable! 👇 #AgileProductDevelopment #ProductManagement #UserResearch #ProductValidation