What Is a Last Time Buy, and How Will It Affect My Product?
With a thriving product in the market and each component working in harmony, it’s easy to forget that at any moment, one of those product components could reach what’s called the ‘last time buy.’ Especially if you find out that a main or important component like an LCD is going to be the component being phased out, you’d be put into a dire situation if you want your product to continue selling.
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Definition of a Last Time Buy (LTB)
A last time buy is essentially a warning to all customers who purchase their product or components that a certain product is coming to the end of its life. In other words, they’ll soon stop producing it. During this grace period, manufacturers give their customers a final chance to make a purchase in order to stock up.
While noble, these last time buys usually lead to a real long-term issue for those customers. Where will they source those products or parts now? How long will this affect business? They can stockpile that component for now, but when it runs out eventually, what’s next?
The Impact of LTB on Your Product
Last time buys typically put a wrench in any product production plans. If you’re a newer company and have only just gotten all your ducks in a row, then having something as troublesome to deal with as this can impact you in a variety of ways.
The most obvious issue is a disruption in your production line. Newer companies don’t often think of the potential of a last time buy situation popping up, which means you might not have a replacement ready to go. This can have a serious domino effect on your logistics, supply chain, and your end customers.
And it’s not just the business ecosystem that gets affected – it’s the expensive procurement costs that businesses often end up having to fork out. Being unable to source such a key component as an LCD might cause companies to make last-minute bulk purchases – a big financial strain and a catalyst for overstocking.
While costs are one thing, effort is another, and having to figure out what sort of solutions to implement in the new product design is a lot of it – that’s in conjunction with having to deal smartly with changes in operations. Conducting an overhaul of a design can require a long research and development phase and new certifications for that new LCD, for instance.
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The Role of LCD Design Services in the Face of LTB
The good news is that LTB doesn’t mean you should panic and throw your entire product vision out the window. LCD design services and similar companies can step in and make sure your product continues to be viable even after an LTB. Not only can they serve as a source of replacement, but they can also provide even more innovative solutions that could revamp your product for the better.
Custom drop-in replacement LCDs are a type of LCD module that instantly comes in to substitute for your discontinued component, hence the ‘drop-in’ part of its name. They’re custom-made to fit the dimensions and characteristics of the original LCD and can integrate into an existing product design, which means there’s no need for a design overhaul. These replacements can sound almost too good to be true, as most businesses don’t feel as though they’d be able to find an exact match without an extensive amount of downtime.
Navigating LCD Redesign after a Last Time Buy
Although custom drop-in replacement LCDs might sound like the perfect solution, there is also the option to still go for the off-the-shelf route, especially if your product uses a standardized LCD. In cases where you’ve been using a highly custom-built LCD, drop-in replacements are a no-brainer. The best place to start is finding a reputable LCD company that has in-depth experience in the field and can effortlessly provide the LCD specifications and capabilities you need.
Once you’re back up and running, these specialized LCD manufacturers can look further into your product and pinpoint any opportunities for a refresh. Although it might seem unnecessary if you’re making decent sales and you’ve just restarted production, the improvements could lead to more cost-effectiveness, a boost in product quality, and an overall better-performing product. In turn, you’d receive more return on your investment.
The right LCD manufacturer will have a robust understanding of the LCD market and diligently keep up with all the trends and advancements in order to produce the best custom display. Even if you’re not in the market for custom solutions, these companies can utilize the knowledge they have to determine the top LCD to fit your requirements. With that level of professionality at your disposal, you can naturally transform a seemingly disastrous last time buy scenario into a brand-new opportunity for growth.
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Securing Your Product’s Future with Custom Replacement LCD
Focus LCDs is one of those frontrunners in the LCD tech industry, boasting a global presence of distributors while being strategically located in Arizona. From custom LCD modules to LCD accessories, we provide design and manufacturing services for all sorts of standard and custom-built displays. Whether you’re a company selling products to the medical field or need displays that are usable in industrial settings, we are here to help. If you have questions about last time buys, contact us today!