Showcasing life cycle management

Industries following a linear approach assume that ‘if they produce more, they will sell more’. As new trends in production and consumption models emerge due to growing social, environmental and economic pressures, the linear approach is being replaced with ‘Good Business’ that strives for profits generation while minimizing environmental damage and social burdens. This new perspective is operationalized through Life Cycle Management (LCM) that covers the entire life cycle (LC): raw material extraction, production, packaging, consumption and end of life. This chapter introduces key elements to companies, including small and medium-sized enterprises (SMEs), that want to co-build a more sustainable world and better future. Selected cases introduce companies embracing LCM and its benefits. Recommended actions for SMEs cover knowing and understanding their LCs and major impacts for properly managing them. Life cycle thinking and LCM provide a excellent approach for improving economic, environmental and social business results along the LC.