The term Planned Obsolescence gets thrown around in various industries. However, some may find the term and its meaning somewhat confusing.
The Economist has done an outstanding job of explaining the term in a recent article:
Planned obsolescence is a business strategy in which the obsolescence (the process of becoming obsolete—that is, unfashionable or no longer usable) of a product is planned and built into it from its conception
There is confusion among many consumers and businesses that planned obsolescence is some kind of evil strategy to help businesses get even more money from consumers – but this is simply not the case. Planned obsolescence actually helps foster growth and innovation.
Through decades of swift innovation in electronic components – obsolescence has increased in recent years. This has brought about a greater necessity in the parts required within varying military, aerospace, medical, nuclear (and even more) industries.
With GID Industrial, we’re able to help clients in a variety of industries procure and full test these critical end-of-life products. We’re able to offer support through management and advisory in preparation for the hard-to-find parts needed to sustain industrial equipment.
Find out more about GID’s Obsolescence Management services.