Lifecycle Management Definition
Lifecycle management (LCM) is the proactive and reactive process of identifying, tracking, and managing the various stages in the life of an organization’s products and services.
The goal of LCM is to optimize the value of an organization’s products and services throughout their life, from idea or concept stage through end-of-life or withdrawal from the market. LCM encompasses all activities associated with an organization’s products and services, including research and development (R&D), marketing and sales, production and delivery, customer service and support, and disposal or recycling.
Organizations implement LCM to improve efficiency, control costs, reduce risk, and improve decision making throughout the product/service lifecycle. In many cases, LCM is embedded within larger enterprise resource planning (ERP) systems.
