Product End-of-Life (EOL) planning is often the most critical phase of technology lifecycle management, particularly for complex businesses – such as medical device manufacturing – where the consequences of disruption or product failure can be significant.
End-of-Life issues become a priority when an OEM no longer produces, sells, or provides upgrades, fixes or other related services for essential technology hardware or software. Without advance awareness and proper planning, these changes can make essential products or entire systems inoperable.
Most companies are well prepared for initial product lifecycle stages, involving research & development or market introduction of a new device or technology product. Relatively few companies, however, prepare for an orderly transition in advance of when its products, or connected product components, are phased out.
Without proper planning, a product’s EOL issues pose significant risks. If a product goes EOL without advance notification and preparation, it has the potential to disrupt the company’s supply chain, negatively impact revenue, and diminished customer loyalty. A company may also be required to pay a significant sum of money to secure a last-time buy of the necessary product or component.
Get Started on Product EOL Risk Management
With Dynamic’s 10-Question EOL PrepSM Self-Diagnostic
For companies that do not have any EOL risk management disciplines in place, that task can seem complex and daunting. Conversely, for companies that do have relevant EOL-related processes and procedures, there is always the risk of operating with outdated or insufficient protection. In both cases, application of EOL PrepSM provides a fast and effective way to either design or update an effective risk management strategy.
To address that need, and based on its deep experience in product EOL and lifecycle management, Dynamic has created the EOL PrepSM Self-Diagnostic, consisting of 10 questions that will enable companies to:
- Identify specific protections and vulnerabilities related to their EOL-related risks;
- Understand the complete range of EOL best practices they should follow;
- Prioritize the EOL capabilities that need to be established or improved by their company;
- Create a tailored action plan designed to reduce their EOL-related risks.
Dynamic’s EOL Prep SM Self-Diagnostic is available on a complimentary basis to industry professionals on request, by clicking here. Dynamic’s product lifecycle management professionals welcome the opportunity to provide additional insight into the use of its EOL self-diagnostic tool, and to answer any questions regarding the firm’s product lifecycle risk management capabilities.
