How do you analyze and improve your product's life cycle?

1 Life cycle assessment

Life cycle assessment (LCA) is a systematic method to evaluate the environmental aspects and potential impacts of a product throughout its life cycle. It involves collecting and analyzing data on the inputs and outputs of materials, energy, emissions, and waste for each stage of the product's life cycle. LCA can help you identify the hotspots of environmental impacts, compare different design options, and communicate your product's environmental performance to stakeholders.

2 Life cycle costing

Life cycle costing (LCC) is a method to estimate the total costs of a product over its life cycle, including the costs of acquisition, operation, maintenance, and disposal. LCC can help you optimize your product's economic performance, identify the most cost-effective design options, and allocate resources efficiently. LCC can also incorporate external costs, such as environmental and social costs, to reflect the true cost of a product.

3 Life cycle optimization

Life cycle optimization (LCO) is a method to find the optimal design solution for a product that minimizes the environmental impacts and costs while maximizing the performance and benefits. LCO uses mathematical models and algorithms to evaluate and compare different design alternatives based on multiple criteria and constraints. LCO can help you achieve the best trade-offs between conflicting objectives, such as reducing energy consumption and increasing durability.

4 Life cycle management

Life cycle management (LCM) is a strategic approach to manage the product's life cycle in a holistic and integrated way. LCM involves coordinating and aligning the activities and decisions of different stakeholders, such as designers, suppliers, manufacturers, customers, and regulators, to improve the product's environmental, social, and economic performance. LCM can help you create value for your business and society, reduce risks and uncertainties, and enhance your reputation and competitiveness.

5 Life cycle thinking

Life cycle thinking (LCT) is a mindset and a culture that considers the product's life cycle in every aspect of your business. LCT involves applying the principles and tools of LCA, LCC, LCO, and LCM to your product development, innovation, marketing, procurement, operations, and end-of-life management. LCT can help you adopt a long-term and systemic perspective, anticipate and prevent problems, and seize opportunities for improvement.

6 Life cycle innovation

Life cycle innovation (LCI) is a process and an outcome of creating new or improved products that have a positive impact on the environment, society, and economy throughout their life cycle. LCI involves using the insights and feedback from LCA, LCC, LCO, and LCM to generate and implement novel and feasible solutions that meet the needs and expectations of your customers and stakeholders. LCI can help you differentiate your products from competitors, increase customer satisfaction and loyalty, and create a competitive advantage.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?