As technology, industry, and expertise expand, so does the need for the business sector’s ability to adapt. Constantly updating technology, compliance regulations, and processes raise the importance of ensuring that out-of-date technologies or parts do not hinder production.
Obsolescence Management is the process of monitoring the risks associated with technologies or parts going obsolete and forecasting the eventual end-of-life stage for all aspects of production. The traditional method manages this through spreadsheets and manual upkeep. Accelerating advancement of technology and environmental regulations makes it increasingly difficult to not only stay up to date with product life cycle risks but to ensure there are no oversights or errors in the process.
Using an automated system frees up valuable time, eliminates the possibility of human error, accurately forecasts the life cycle of parts and technologies, and has the latest updates and information all along the supply chain.
This e-book explores the benefits of using an automated Obsolescence Management solution and reviews the pitfalls of manual product lifecycle risk management.
In this e-book, we go into detail on the following topics: