Cloud-powered product lifecycle management: four industry leading strategies for success

Successful operation within many organizations often depends on bringing together people, processes and tools. When making changes in a business, it is important to take precautions that can keep existing workflows running smoothly. By understanding the potential risks and ways to help address them, organizations can make informed decisions and navigate the transition to cloud-based product lifecycle management (PLM).  

Based on our experience helping clients transition to cloud PLM platforms, we recommend four industry leading practices that can help cover process, data, technology and organizational change:  

1. Conduct a thorough process evaluation across the value chain  

We suggest companies take a holistic approach when evaluating processes for effective product development and management. Partial evaluations may lead to missed enhancement opportunities, limited views of process efficiency and hinder detection and resolution of bottlenecks and redundancies across the product lifecycle. Use multiple lenses like data, effort, pain points and legacy systems to prioritize critical processes for improvement. Leverage the following lessons learned to assist you in the process assessment:

• Alignment: Make sure the process assessment is aligned with your organization's overall business goals and strategies. Otherwise, it can lead to improvements that may not contribute to the company's long-term success.
• Collaboration: Involve key stakeholders and foster cross-functional participation through clear communication and engagement strategies. Make sure that the evaluation considers the diverse needs and perspectives of the relevant parties.
• Focus on the process: Some organizations focus too much on PLM software and tools rather than the underlying processes, which can lead to a misplaced belief that technology alone can solve the various PLM issues.

2. Understand the impacts of data model transformations

PLM data is a crucial component of the value chain. Understanding the impacts of data model transformations is important. Challenges can arise from a disjointed product data approach. Suggestions we have so you can avoid these challenges include:

• Create a unified data model: Efficiently manage a standardized framework for representing a product's structure and attributes across its lifecycle.
• Define product attributes and classification: Implement standardized systems and tools to help establish consistency and precision in product data.
• Adopt non-intelligent part numbering and revisioning: Enhance efficiency and mitigate risks by standardizing part definitions and descriptions.
• Manage product variations: Carefully evaluate the benefits and costs of structured model option Bill of Materials (BOM) to help align with strategic goals.
• Develop data governance: Implement more rigorous policies to help enable data accuracy, security and compliance in PLM systems.

3. Select a PLM system that can meet both management and technical requirements

Selecting the right PLM technology can be critical in a landscape with multiple vendors. When assessing technology options, consider the following factors:

• Functional capabilities: Evaluate initial functionality for core business processes, conduct gap analysis and consider scalability, cost and stakeholder input.
• Platform capabilities: Prioritize security, digital thread/digital twin, integration architecture, scalability and emerging technologies for future challenges and opportunities.
• Customization capabilities: Consider a Platform as a Service (PaaS) approach for complex requirements, but be aware of the time, complexity and ongoing maintenance needs it may entail.

Oracle Product Lifecycle Management Cloud

Oracle is a leading choice for companies looking to move their product lifecycle management to cloud. Oracle's PLM tool has a proven track record and is widely recognized in the field. It can offer seamless integration with supply chain management and manufacturing, helping to break down traditional barriers and providing a connected approach. This next-generation PLM solution can go beyond manufacturing, extending throughout the product’s lifecycle with features like quality, IoT, predictive analytics and ML/AI integration.

4. Catalyze positive organizational change through your business leaders

To help enable successful enterprise-wide changes, stakeholders should have shared objectives. Here are recommendations to help mitigate challenges during this stage of the project:

• Aligned goals: Align and prioritize strategic goals throughout the organization to facilitate consensus and commitment to organizational change.
• Hybrid methodology: Use a hybrid approach to balance stability and structure with the agility needed for a transformative project.
• Effective communication: Utilize various communication methods, such as daily stand-up meetings, weekly tracker meetings and monthly steering committee meetings, to help establish progress monitoring and decision-making.
• Holistic training: Provide early training for business users and thorough pre-implementation training for management to familiarize them with the new cloud platform and encourage active participation and advocacy for change.

Unlock the power of cloud-based PLM so you can thrive in the digital era

The shift to cloud-based PLM for supply chain management can offer significant advantages that companies should carefully consider. Older PLM solutions may have limitations in delivering the speed required for digital transformation, while a cloud-based, connected applications platform promotes collaboration and data integration for innovation. To help increase the likelihood of success, it is important to evaluate processes, assess data and technology and manage the organization holistically. By addressing these areas, companies can help mitigate risks and maximize the return on investment.

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