ICTs VS. PRODUCT LIFE CYCLE

Abstract

The purpose of this essay is to explain how ICTs, which are currently experiencing a rapid and ongoing growth, affect product and service life cycle. The analysis is based on the study and observation of the impact of recent technological advances, particularly ICTs, which comprise several IT tools: faster communication (Internet), accessibility through interconnected devices (computers, tablets, smart phones, etc.), ERP, BI, universal cloud storage, mobile apps, social networks, electronic invoicing, and newer developments such as Artificial Intelligence (AI), 3D printing, Augmented Reality, E-commerce, Big Data, Smart Data, only to name a few examples (the list is actually much longer). In some cases, all these resources can help shorten product/ service life cycles; yet in others, they can be the cause of their decline. It is worth noting that the implementation of these technological innovations usually allows to create better options and/or achieve greater customer satisfaction, yet it can also jeopardize those product/service providers (businesses) that cannot quickly adapt to the dramatic expansion of ICTs, thus compromising not only particular products/services but also whole enterprises.