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Product Life Cycle – Boosting Growth with the Right Software

Making your product go further

All businesses have to provide something or there would be nothing for them to trade. When that something is a product as opposed to a service then we can expect it to be subject to the normal rules of the Product Life Cycle. It has five stages, of which Growth is the area in which you should expect to see your most profit made – but could we go further? Could the aid of a little computer science help you streamline and build upon what already is already happening? Can current trends towards digitalisation actually help manufacturers to make more sales, respond to customers in real time and make active changes while the product is live? It could, and Cloud based software is leading the way in helping extend the Growth phase.

Drawing focus

When you apply Product Development Management Software (PDMS) for the initial stages; Cloud based platforms are a natural next step. But there is still room to switch to monitoring software no matter how long your product has been on the market for. You can use this software to draw all focus and energies of your product growth team into one central location. Each has access to all of the information that they need via a centralised documentation area, streamlining process and increasing communication. Through the Cloud, team members are able to communicate without you having to be there – or without them even being in the office. If you wanted to, you’re team could be based at opposite ends of the world.

Maximising market presence

The main aim of any producer during the Growth stage should be to maximise market presence and get as much reach as possible before the product begins to slow in sales. A Cloud based product data solution allows you to cover vast distances with just a click, effectively increasing your advertising reach and helping you to gain traction. While the product is in Growth it will require constant monitoring and the occasional tweak to help it along the way, to pick up dropping sales or to respond to customer demands. Cloud Product Data Solutions allow you to make changes while the product is live and immediately push through to your retailers or customers. It gives you more reach and allows you access to information in real time, meaning you are getting more for your money.

No matter what the product you supply, and no matter how far along in the Product Life Cycle you are, Cloud software has the ability to make a big impact on its viability. Whether your business is business to business or whether your business is business to consumer – a Cloud based solution might be exactly what you are looking for to help you extend that Growth cycle and make those all important projections come to life.