Shrinking product life cycle
In the past product life cycle used to be comparatively longer and when a product was introduced it generally stayed in the market for a longer period of time. Now with the fast expansion of technology product life cycles have become short and almost every product gets replaced by a new product in shorter time spans. Due to this reason companies are forced to introduce rapid development of new challenge and requires redesigning of operations making the process faster.
Supply-chain Management
Supply Chain partners are required to be more in tune with the needs of the end users as a result of shorter product life cycles demanding customers fast changes in technology material and processes. And because suppliers can contribute unique expertise operations managers are outsourcing and building long-term partnerships with critical players in the supply chain.