Product phase-out is a strategic business process that helps businesses reduce offerings in order to boost profit. Effective product portfolio management allows organizations to focus on the products that are most profitable while phasing out products that are adding additional costs in the long run.
End-to-end product lifecycle management minimizes the risk of clogged supply chains and assists sales by reducing the confusion of overlapping offerings. Using automation in end of life (EOL) management is advantageous for cross-department collaboration, helping Sales, Marketing, Finance, and Operations departments to work together; not in silos. Outside the organization, automation can assist with vendor management, customer service, and ensuring that the phase-out is communicated properly to reduce confusion and retain customer loyalty.
Producing obsolete or low-volume products can bog down and impede an organization’s supply chain and bottom line. When products are not strategically streamlined, it can lead to multiple problems for all departments including, supply chain bottlenecks with vendors, sales confusion about the best product offerings for clients, and additional costs to the business by manufacturing products that don’t fulfill the customers’ needs.
Effective product lifecycle management helps identify which products are worth keeping, bolstering ROI in a product portfolio, and helping organizations to remain competitive and innovative. However, knowing which products to phase out according to an overarching plan can be confusing, especially when faced with mountains of data from ERP systems.
Easily see which products aren’t performing so they can be phased out. FireStart uses smart process intelligence to analyze data from ERP systems, like SAP, and combine this data into one centralized location. Enriched data is easier to interpret, so you can see which products in your portfolio are ready to be innovated or phased out in order to boost overall profit.
End of life (EOL) product management involves many teams and departments across the organization, making it difficult to coordinate. FireStart helps organizations to collaborate rather than working in silos with functions like the central repository and real-time feedback. Maintain a comprehensive overview of the entire product phase-out operation including, withdrawing outdated marketing materials, refining the sales messaging, coordinating the new inventory with external vendors, and supporting customers through the transition. End-to-end, FireStart makes it possible to stick to a single source of truth without complexity or confusion.
Maintaining a lean portfolio means continually evaluating products year over year. FireStart makes it easy to evaluate process performance, providing insights where a process can be faster end-to-end. Evaluating the product phase-out continually helps companies to identify bottlenecks, and areas where the process can be improved, helping to keep sales, vendors, and customers on side.
Keep customers and vendors on side, while boosting the bottom line, by executing an effective product phase-out. FireStart makes it easy to identify which products are draining profit margins while helping departments across the organization to work harmoniously together. Process automation ensures that the whole process end-to-end is optimized, meaning less time spent doing manual phase-out tasks and more time making executive decisions.
FireStart integrates with ERP systems like SAP to analyze and interpret data, helping you to effectively manage product life cycles. FireStart provides end of life software support, showing you key hidden supply chain opportunities, and most importantly, how to prepare for the future in an unpredictable market. With more product transparency and fewer hurdles, automation helps organizations to be more agile and boost ROI, all within one single source of truth.