Product lifecycle management – How does your company stack up? [sponsored]

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  • Product lifecycle management – How does your company stack up? [sponsored]
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I challenge you to conduct an assessment of your own product lifecycle management capabilities or ask your third-party logistics provider to do it for you – this exercise will illuminate gaps and opportunity areas that – by addressing – could pay off in terms of cost efficiency, increased sales and customer loyalty.

Building on our last blog post that focused on prioritizing customer service in the supply chain, this post explores one of the keys to improving service: focusing on enhancing capabilities at every stage of product lifecycle management. This is the third post in our series that spotlights the recently-released annual UPS Change in the (Supply) Chain survey results.

In the high-tech industry, product lifecycle management is especially critical due to the fast-paced nature of the industry and consumers’ high expectations for new, exciting gadgets. In the UPS Change in the (Supply) Chain survey, we asked logistics decision makers at high-tech companies around the world (in North America, Europe, Asia and Latin America) to rate their companies’ capabilities across each stage of the product lifecycle in order to gain insights into areas of challenge and opportunity for companies.

Naturally, in an industry where speed to market is essential, companies typically put a greater emphasis on the beginning of the high-tech product lifecycle. Of those surveyed, 59% of executives classified their companies as “market leaders” in product innovation, while 47% felt they were market leaders in fulfillment and distribution, and post-sales support, respectively. Confidence in capabilities continues to drop significantly as products move along the lifecycle, with 40% stating they are market leaders in product retirement/end-of-life extension and only 34% feeling confident in their reverse logistics capabilities. As high-tech industry competition increases, it’s vital to succeed not only in product innovation but also in areas further down the product lifecycle in order to create a differentiating and positive experience for customers at every interaction point with your brand. Beyond improving customer service, mastering all phases of product lifecycle management also can bring increased cost efficiencies.

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