Invention and innovation cannot be divorced from one another. Inventions today cannot stand on their own. They require innovation and differentiation to make an impact in the ever-evolving market.
During times when market demands are rapidly changing at warp speed, businesses require a tool that not only guarantees product success but innovation. To maintain a balance between creation and innovation, a framework or tool has been launched that takes care of the entire product life cycle.
Through meticulous planning and coordination, we can bring significant improvement to our products with the help of PLM software. It is more than just a transformative approach or framework; it is the way of the business world now.
From managing product complexities to defining unprecedented efficiency and precision, PLM software can do it all. But which PLM software should one go for? Through this article, we will aim to address this question. Stay excited and tuned to learn about Agile PLM, Agile Product Lifecycle Management, and Oracle Agile.
Approach of Product Life Cycle Management or PLM Software
PLM software is modern and strategic approach or school of thought that dictates how to manage a product from the time it is ideated, developed, launched, and expired.
This approach aims to integrate processes, increase communication and coordination between personnel, and uplift a product. PLM system serves as the pillar of support and sustenance for product information.
The Primary Goals of PLM Software
Improved Productivity: The provision of a single source of truth declares PLM as a productivity-enhancing and building software because it decreases the time spend on searching for product-related data.
Heightened Collaboration: PLM systems promote communication and collaboration to remove silos between teams and departments.
Regulatory Compliance: By managing product data effectively, PLM software helps the company adhere to industry regulations and compliance protocols.
Cost Reduction: Due to efficient management of the product lifecycle, there is a significant drop in costs associated with errors, rework, and time-to-market.
Key Features of PLM Software
PLM selection criteria are multi-factorial but require consideration of the following important features and characteristics.
Data Management: It is a centralized data storage portal or repository that collects all product-related information and insights.
Workflow Automation: It streamlines, optimizes, and automates workflows to enhance efficiency.
Collaboration Tools: PLM software accompanies a number of tools that strengthen communication and coordination between cross-functional teams.
Integration Capabilities: Agile PLM is highly compatibility with other applications and enterprise systems like ERP and CRM.
Scalability: It comes with the innate ability to expand and grow as the need dictates.
Agile PLM: A Closer Look
Agile PLM is an elaborate and comprehensive approach to product life cycle management. It, too, revolves around the same parameters that initiate at product conception, development, design, deployment, and decline.
Agile product life cycle management solutions came into existence with the efforts of Agile Software Corporation, which was later acquired by Oracle. This is why we often refer to it as Oracle Agile PLM.
Agile Product Lifecycle Management (Agile PLM) emphasizes its unique selling points, which are flexibility and adaptability. This makes it customizable and tailored for every need for organizations that operate in dynamic and ever-evolving environments.
The flexibility of Agile Product Life Cycle Management makes it desirable for companies that are quick to adapt and constantly under duress to respond quickly to changing circumstances and trends.
For example, a fashion retail house could make great use of this technological advancement that not only offers flexibility in services but prepares the company for tailor-made solutions and products.
Primary Advantages of Agile PLM
If we look at the benefits of Agile PLM in brevity, we will find the following benefits for organizations and industries worldwide:
Flexibility: Agile PLM is customizable and flexible to mold to suit different needs, budgets, constraints, industries, and business sizes.
Speed: The added bonus reflects in the speed of the product development cycle where a product reaches the market faster than usual.
Efficiency: Businesses can improve their operational efficiency through process optimization and elimination of redundancies.
Compliance: It helps companies adhere to compliance and rules and follow and abide by industry-best practices.
Oracle Agile: A Premier PLM Solution
Considered as primum and luxury solution for product development, Oracle Agile PLM is quite sought after in the global manufacturing market. Due to its many features and benefits, it is the business leader’s favorite tool that produces conclusive and fruitful results.
Oracle Agile PLM is designed with the motive to address the complex needs of modern enterprises, whether it is about product quality, time-to-market, or budget.
Characteristics of Oracle Agile PLM
Product Collaboration: Oracle PLM is famous for its collaborative properties as it aligns all stakeholders to achieve business goals.
Product Quality Management: It offers product quality management tools that can effectively manage and improve product quality throughout its lifecycle.
Product Portfolio Management: With its portfolio management properties, it is more than capable of handling company product portfolios by aligning resources with strategic goals.
Cost Management: Known for its cost-associated benefits, it can very well manage product development and manufacturing by keeping the cost at the lower end with the help of improved process efficiency.
The Benefits of Implementing PLM Software
Implementing a PLM software solution like Agile PLM or Oracle Agile comes with a plethora of benefits of various types and natures. We categorize these benefits into three main categories or types:
1. Strategic Benefits
Enhanced Innovation
Improved Decision-Making
Market Responsiveness
2. Operational Benefits
Streamlined Processes
Improved Quality
Better Collaboration
3. Financial Benefits
Cost Reduction
Faster Time-to-Market
Increased ROI
Pick and Choose the Right PLM Software
Determining an ideal product life cycle management software requires a thorough approach and process. Obviously, companies can tailor the process to their needs and constraints. The basic process that follows is:
1. Need Assessment and Realization
Businesses assess the need for the right type of PLM by addressing the following concerns or key areas:
The size of your business and the complexity of your product lines
The level of collaboration required in different teams and departments, depending on the siloed operations
Regulatory requirements and protocols specific to your business type and industry
The need and level for integration with other enterprise systems.
2. Clarity on Objectives and Goals
Decide what objectives and goals need to be addressed and what sort of following deliverables you require out of Agile PLM. These deliverables usually are:
Reduced time-to-market for new product launches
Improved product quality and compliance
Heightened collaboration and communication
Optimized workflows and operational processes
3. Evaluate Potential Solutions
It is necessary to look around, research, and analyze existing options and solutions after getting clarity on your objective. Some factors are:
Functionality: You are responsible for ensuring the functionality of all features and capabilities needed to make the product work.
Scalability: Choose a solution that can expand, grow, and evolve with your business.
Ease of Use: The software should be user-friendly and easy to adopt.
Integration: Verify that the software merges and blends well with your existing systems, apps, and framework.
Vendor Support: This is essential because it provides necessary training and support.
4. Conduct a Cost-Benefit Analysis
It should be mandatory to perform a cost-benefit analysis which will dictate your financial gains against the costs incurred while implementing PLM software. The following factors matter the most:
Initial purchase or subscription costs
Implementation and customization costs
Training and support costs
Ongoing maintenance and upgrade costs
5. Pilot and Evaluate
This is a crucial step because it actually and practically demonstrates the performance and effectiveness of your solution in the real world. Here is what you need to evaluate after the pilot phase:
Assess the software’s performance and usability.
Identify any potential issues or challenges.
Gather feedback from users and stakeholders.
Conclusion
With that being said, it is important to note that every PLM solution and agile PLM software can serve multiple purposes. Each comes with its own strengths and baggage. The key is how one chooses to use the capabilities of a PLM solution to their benefit to manage a product life cycle effectively and efficiently.
