Education Series

6 Tips for Managing the Product Lifecycle for Your Company

Share-ify’s platform drives the Compliance Culture™ to support companies that see compliance as a value and a cornerstone of their business and need an environment where accountability is shared across business partners (internal and external) and teams.

Purchasing professionals contribute to their company’s success by working to make the right buy, at the right time, for the right price and from the right source.

But how do they do it?

From meeting business requirements to controlling costs and maintaining relationships, effective purchasing departments help companies meet key business objectives. Purchasing departments benefit from having better systems to assist them with the massive amounts of data they must continually handle to do their job. For every a company produces, they may manage between 50-75 documents to ensure that product successfully reaches the market. For each supplier, purchasing may manage from 10 to 25 different documents to ensure compliance and relationship management is intact.

The right combination of technology and collaboration platforms can streamline your team’s success considerably. Instead of having to track down paper, suppliers, or team members, getting the right tools can allow you to focus on the business rather than administrative items.

Share-ify assists purchasing teams with managing the product lifecycle.

1. Planning: Share-ify allows teams to come together in one space to brainstorm.
2. Design / Create: As teams begin to formulate ideas, product specifications can be put together as concepts are built
3. Develop: Concepts can be tested and reassessed. The product evaluation (or testing) process for finalizing a product specification allows for data gathering in a centralized location for evaluation / analysis and future use.
4. Source: Selecting the appropriate vendor often requires input from different departments, each with their own evaluation method. Whether you a creating a formal Request for Proposal (RFP) or doing a market search, Share-ify assists companies by aggregating information from suppliers and then creating workflows for different stakeholders to approve based on each departments unique perspective. The Share-ify network can also be used to identify available suppliers in the market place. Share-ify can also be used to scorecard suppliers in a number of areas.

5. Production: Once a product has been articulated, mass production must be nailed down. This process can be developed in cooperation with the supplier(s) in Share-ify and then documented and affirmed in Share-ify.
6. Shipping, Selling, and Evaluating: After market revenue begins, data must be compared to supplier performance reviews, inspections, and audits. These key components in the product lifecycle process ensure what is supposed to happen is in fact occurring and can be correlated to product adoption in the market place. Ultimately, this information can be used for product revisions and future product ideas and development.

Share-ify supports companies that see product lifecycle management as the foundation of their purchasing department and need an environment where accountability is shared across business partners (internal and external) and teams.

In this ecosystem, every employee and member of the supply chain, no matter their role, recognizes the importance of a centralized platform for collaboration and data management. This is demonstrated in the training, daily practices, leadership, and business systems that reinforce the process.

To learn more, please email us at [email protected].