How long is the shelf life of your product? Analyzing the Internet of Things (IOT) can help your company find out. Your business can even figure out how long consumers will clamor for your product before you launch it.
Product Lifecycle Management
The concept of product lifecycle management (PLM) is evolving thanks to the technological innovations that make up IOT and the vast amount of data that is available on the Internet. With the inclusion of an Internet connection, sensors, and processors, products from doorknobs to cars can send information to their manufacturers and owners.
No longer is PLM confined to the stages of idea, design, testing and manufacturing. Now management can include delivery and the real life of the product. This can benefit the company in several ways. One way is to allow the organization to offer preventive maintenance. Another benefit for businesses is using the feedback from existing products to help shape the design and manufacture of new products.
Obsolescence is Obsolete
The concept of planned obsolescence, where products are intentionally designed with a short lifespan, will no longer benefit a company or its bottom line. Consumers want products that are reliable, have long product lifespans, are energy efficient and are able to withstand different environmental stressors. And they will know if retailers and manufacturers are delivering on these demands because they can monitor energy usage and longevity through apps on their smartphones.
Companies need to offer dependability and reliability if they want to create brand equity and customer goodwill. By using reverse logistics, companies can use data mining and information management to determine how well their existing products hold up to these new standards and what needs to be changed in the next series of products.
Using IOT and big data can let you know if the battery in an existing product really does last five years under standard use. They can also tell you all of the features your new products must have if you want them to be successful in your market.