Oracle Agile PLM (Product Lifecycle Management ) allows an enterprise to manage and handle the complete life cycle of a product from its initial conception phase all the way through recycling and retirement. Most crucially, oracle agile PLM offers rapid innovation of products, closed-loop quality control, cost-effectiveness, process efficiency, cross-functional collaboration, and risk mitigation.
The collaboration feature of Product Lifecycle Management allows the company to connect its globally dispersed suppliers, customers, and teams in an effective collaborative environment to speed up the product launches. It enables concise and clear tracking of products in transition, issues in resolution, and items in review. Oracle Agile PLM helps enterprises cope with the enhancing engineering and complexity challenges of new products development for the global competitive markets.
Fundamentals of Oracle Agile PLM
In today’s world, innovation is the key to the survival and success of a business. It helps manufacturers develop the next generation and innovative products with a faster time to market and at a lower cost. You can interpret Product Lifecycle Management as a business strategy; however, there are three fundamentals that impact the ability of an organization to thrive, grow, and the way teams work:
- Maintenance and management of businesses processes that involve in creation, sharing, dissemination, management, and use of the information.
- Managed, universal, secure access and use of product definition information.
- Integrity maintenance of product definition and all other related information throughout the product’s life.
Product Development Phases
The development phases of products are different, and there is no one industry standard. But below are the five phases of a typical development cycle:
1. Concept & Design
It is the ideation phase. At this stage, the requirements of a product are defined based on different factors such as gaps in the market, customer needs, and competitor analysis.
At this stage, the detailed design of the product is created, along with any essential tool designs. In this phase, there is analysis and validation of the planned product, followed by prototype development and piloting in the field. By this, you can get critical feedback on how the users will use your product and what further refinements are required.
3. Production & Launch
The feedback you get from the pilot is then used to make adjustments in the design and other components to create a market-ready version of the product. The new product production is scaled, which is followed by launch and distribution to the market.
4. Service & Support
After the launch of the new product, the next phase is where you offer service and support for the product.
When the lifecycle of a product ends, you need to manage its withdrawal from the market along with absorption into new concept ideas and any retrials.
How Does Product Lifecycle Management System Work?
An Oracle Agile PLM system offers engineers and designers real-time access to the crucial data they need. It streamlines the management of a product by linking Computer-Aided Design (CAD) data with other enterprise data sources, such as ERP system integration and a bill of materials. The system manages this product data through all product development lifecycle stages.
PLM offers engineers and designers insight into external sources of data such as analyst and customer feedback on current products, thus preventing them from operating in a disconnected vacuum. Moreover, it offers information regarding the performance data of products in the field and visibility into the limitations of downstream processes like manufacturing.
Beyond design and engineering, you can leverage countless benefits from Product Lifecycle Management. It offers a “single source of truth” visibility to suppliers or business stakeholders for convenient feedback delivery early in the product development process.
Benefits of Product Lifecycle Management
Below are the innovative benefits of PLM because of which companies invest in PLM solutions:
- It helps in the elimination of errors during the engineering release process. It is far more convenient, simpler, and cheaper to rectify product issues identified in the early stages. Oracle Agile PLM provides an additional environmental benefit by reducing manufacturing waste along with reducing costs.
- A digital and cross-enterprise oracle agile PLM solution improves project delivery and supports advanced workflow management. It enables teams to calculate product costs precisely and manage the handover to manufacturing new designs more efficiently.
- According to different surveys, silos are the greatest challenge that affects engineering team performance. On the other hand, oracle agile PLM enables the bi-directional flow of real-time information, supporting collaboration and better knowledge sharing. Thus, it improves the overall development process, engineering efficiency, and effectiveness.
- As the system offers a single source of truth with real-time and up-to-date information at every product lifecycle phase, thus empowers project managers to take control of overlapping timelines and product to market faster.
- Product Lifecycle Management provides engineers and designers a deeper and more detailed level of insight into product requirements. Ingesting information from many different external and internal sources, the solution with integrated Machine Learning (ML) turns customer feedback and performance data into new feature suggestions.
The demands of producing the highest quality products, attracting top talent, and beating competitors to market are enhancing with time. Oracle Agile PLM helps meet these demands with more conscientious design if the enterprises invest in the right technology to get there.
For a reliable and top-notch oracle agile PLM solution, you need a contact a vendor such as Xavor Corporation. Xavor has over a decade-long experience in offering PLM services. It has worked with diverse clients such as the automotive industry, semiconductor manufacturers, and healthcare manufacturers.