Obsolescence management is the systematic approach to identifying, mitigating, and planning for the risks associated with products, technologies, or components becoming obsolete. It involves strategies aimed at ensuring continuity and minimizing disruptions throughout their lifecycle. Key aspects include proactive monitoring of market trends and technological advancements, assessing risks associated with discontinued products or components, and developing Obsolescence Management Plans (OMP) according to the IEC 62402 standard.
By implementing robust obsolescence management practices, organizations can maintain operational efficiency, reduce costs associated with sudden changes or disruptions, and ensure continued customer satisfaction through reliable product support and availability.