Product lifecycle management could be a tricky task. Companies struggle to keep the right balance between manufacturing, logistics, and marketing of a product. Oracle Agile PLM has emerged as the most reliable product life cycle management solution in the past few years. Agile PLM offers much-needed assistance to companies looking to expand their horizon whilst efficiently managing the product life cycle. It strikes the perfect balance between different departments, functions, and teams within an organization by ensuring collaboration. Oracle Agile PLM is responsible for managing the different stages involved in a product’s life, starting from ideation, concept, design, manufacturing, prototyping, production, servicing, and expiration.
The true purpose of agile PLM is to accelerate product innovation, process competence, efficiency, and risk mitigation. It also focuses on quality sustenance and control in the most cost-effective manner. It is, therefore, more than a technological solution. Agile PLM is more about management than methodologies, tools, and technology to manage a product. It provides a comprehensive and end-to-end solution for executing the perfect lifecycle management approach in coherence with corporate strategy. Agile PLM software comes with a user-friendly interface to facilitate team members of different intelligence levels and understanding. Moreover, it provides a unified view of products for different geographical regions and operations.
Here is a complete list of all the benefits of Oracle Agile PLM
1. Reduced Risk
Manufacturing or product industries specifically are bound by special regulatory standards and compliances. Without proper adherence to security and safety standards, they cannot operate, let alone launch, new products. Companies focus heavily on risk and safety regulations because failure to do so can risk customer retention, brand reputation, and image. Product compliance and risk mitigation are essential pillars of design and production stages during product life cycle management. Companies make sure that the product is in the best possible form before it even reaches the hands of the customers.
So, they run it through different safety standards and compliance tests to monitor the product performance closely. In the event of customer complaints and quality issues, each department invests 100% of its energy into perfecting it. PLM ensures detailed, time-stamped, and recorded changes in any product version to ensure audit trails. The entire effort results in a reduced risk of fines, delays, lags, and lost revenues.
2. Cost Management
With the current inflation rate, price erosion, and variability concerns, companies are extra cautious about cost management during development phases. They require clear visibility and transparency in the costs associated with each step. Businesses are investing in forward-looking models of product costs. PLM plays an integral role in putting together the forward-cost model that accounts for all expenses. Agile PLM is responsible for providing a holistic view of costs and expenses at each stage to the main cost-effectiveness and reducing future spending. The different teams onboard provide their feedback and recommendations and set real-time dashboards of the design. This process helps to reduce the cost later. This approach works best for siloed teams and departments.
3. Increased Collaboration
PLM software takes precedence in enhancing interdepartmental communication. It works best for situations where silos exist within teams and departments. PLM ensures smooth collaboration when it comes to workflow and smooth operating mechanisms. It eliminates miscommunication and silos between different departments and lets free flow of ideas and information.
4. Promotes Innovation
Oracle Agile PLM empowers systems and organizations to make smart moves and innovate. The data-driven decisions help accelerate innovation while ensuring sustainable and long-term growth. The best PLM practices play an important role in building a robust and innovative portfolio for the company, which helps in achieving strategic and corporate goals.
5. Rapid Product Development
Companies often suffer unnecessary production delays due to system or process inefficiency and traditional manual practices. With PLM, companies have nothing to worry about. Companies can now achieve rapid product development by connecting disconnected functions and operations. Product lifecycle management practices ensure efficient management and product control between disconnected functions to accelerate the development/production process. It also gets rid of any system delays, lags, missed submissions and deadlines, and bottlenecks that hinder the production process.
There are many benefits of Agile PLM, including ideation, low supplier risk, data-driven decisions, etc. Implement PLM software to make a difference.