Utility Product Lifecycles - They do exist.
- Mar 28, 2020 4:03 pm GMT
Product life cycle management is defined as follows: “In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products”. In the utility industry, the predominant products are rates, or tariffs.
For utilities, product lifecycle management includes:
- Determining the revenue target, typically through a cost to serve model,
- Designing rates to achieve the target revenue, and possibly influencing customer behavior, Gaining approval for the rates,
- Performing customer rate education and marketing,
- Operationalizing the rates to allow customers to purchase (enroll) in the rate and receive bills
- Evaluating the performance of the rate.
Get Published - Build a Following
The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.
If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.