Yesterday’s Methods Don’t Work Today
In the mid-to late 1900s, athletes trained by pushing as hard and as long as they could because harder means better, right? When I was a naive young athlete trying to become a professional cyclist, I thought this method worked. The harder I pushed and the more time I spend riding my bike surely would lead to performance gains and results…or so I thought. Yet, what ended up happening was the reverse – overtraining, fatigue, and eventually mental and physical breakdowns.
Today, the world’s best athletes are turning to advanced technology to maximize their potential: sports are now analytical and data driven. Incremental measurements are being taken, tracked, and analyzed in real-time to make prescriptive “living” plans. Notice I didn’t say “training” plans? Well, that’s because training is only a part of the equation for today’s athlete.
The reality is, much like sportsmen and women of 2019, businesses are turning to new technology to revolutionize their own “living” plans. This time, I mean “living” in terms of survival. The world’s best companies, small and large, are using insights from data to make prescriptive business decisions not only to stay alive, but thrive.
The Need for a New PLM
What these top companies have found is that Product Lifecycle Management (PLM) is the lifeblood of their businesses. No longer is PLM just about data and CAD management; it even extends beyond the boundaries of an innovation platform. As companies begin realizing that it’s impossible to compete by selling products from the “inside out”, the more they need a new PLM solution that understands the digital noise from the product, customer, and factory to help them make faster and more informed business decisions.
As such, many businesses are shifting their operating models from selling products to selling products and corresponding services like Product-as-a-Service (PaaS) to capitalize on new streams of revenue and only a future-ready PLM system can support them along the journey.
Oracle Product Management Cloud – PLM 4.0
Oracle Product Management Cloud delivers the next generation of PLM. It’s a PLM 4.0 solution that outpaces change. With it, companies can establish and monitor a Digital Thread that connects the many voices of machine (IoT), product (including digital twins), factory, and customer (via social monitoring) across the enterprise. Having access to this critical information from anywhere at any time on the cloud tightly links key business processes, breaks the chains of data silos, and eliminates the complexity of gathering data across supply networks.
Because they’re built on a common data model, Oracle PLM, SCM, IoT, Social Monitoring applications with built-in predictive analytics work together to managing, aggregate, and convert digital twin and inter/external information into insights that improve how products are designed, manufactured, maintained, and used. This results in faster decision making, improved product cycle time, time-to-market, and development productivity, while reducing product costs and product quality problems. Here are some additional benefits to Oracle Product Management Cloud:
- Tightly links the voice of the customer with the voice of the product into the enterprise product record, delivering the visibility necessary for smarter innovation.
- Leverages social monitoring, Internet of Things (IoT), Digital Twins, Artificial Intelligence, and quality assessment to close the data latency and information gaps between the product and the customer.
- Built on top of a single Common Data Model with a built-in PIM solution for Commercialization.
- Embedded Analytics and Social Platform to drive quick and accurate decisions and enforce teamwork.
- Connects various data silos, stakeholders and processes together with a digital thread.
- Integrates external data from the voice of the customer/product/factory for measurable insights that lead to ideas the customer wants and new business opportunities and models such as product-as-a-service.
- Accelerates innovation through commercialization process.
Top analysts agree that the Oracle Digitally Connected PLM 4.0 solution unlocks endless possibilities. For more insight on how business transformation starting with PLM is leading to profits, this recent survey from Engineering.com answers why and how the top development teams are using data and advanced technologies to meet and exceed customer expectations.