No matter what industry you’re in, competition is heating up. Everyone wants to bring The Next Big Thing to market before you, from startups that are still flying under the radar to the industry leader who intends to hold onto that #1 position.
Meanwhile, your team is scrambling to innovate, develop, and commercialize new products quickly, but they’re running into multiple roadblocks that are slowing the entire product value chain process down.
Consider this: 90% of companies admit they are slow to market and often over budget, which means you are not alone. However, that’s not where you want to be. You need to be out front, innovating and bringing your new products to market quickly and cost-effectively.
Have you considered moving that entire process to the cloud? It might surprise you to learn that everyone and everything is moving to the cloud:
However, make no mistake, not all companies may be ready to move to the cloud and not all cloud products are created equal. Even in the PLM market, there are already many players on the field. When evaluating your cloud provider, choose one that has a modern, comprehensive “Idea to Commercialization” Solution in the cloud - A solution capable of helping you manage the entire lifecycle of a product: from selecting and translating the best ideas into projects, to the product development and release process, and through to the supply chain and sales commercialization processes.
Most importantly, select a cloud vendor able to provide a complete set of easy-to-use, integrated applications, which you can adopt at your own pace and one who will scale and support you as your business grows.
Not feeling ready to be part of today’s cloud revolution? Here are 5 reasons to take the plunge and start planning your move to a modern PLM cloud solution:
1. A modern PLM cloud can help you align innovation
Siloed and disconnected information can be a thing of the past. Your new products will no longer get lost in spreadsheets and emails or the confusion of what information is housed in which system. Everything you need can now be visible through one dashboard. Look for the latest in Analytics interfacing, “the infotile”, right on your system dashboard to help you determine your products’ status. You can align innovation and consistently sort through the noise of crowdsourcing and big data to identify only the best ideas to commercialize, improving market performance and predictability.
2. A modern PLM cloud can accelerate your product development processes
Files and discussions are all in one place when you use a modern PLM cloud solution, making it easy for your team to work together, iterate, ask questions, get answers, and find what they need quickly. That built-in efficiency saves you valuable time and resources. You can collaboratively and securely manage product data, items, BOMs and documents. Manage the product change process in the cloud to improve time to market and reduce rework.
3. A modern PLM cloud can synchronize your commercialization network
Once the product is in its final development phases, your product development team can pull your distributors, suppliers and channel partners into the conversation. Marketing and sales can find the information they need to plan their promotional campaigns and you finance team can keep on top of costs. You can improve customer experience by governing the accuracy of product data across the supply chain, so your customers are more likely to come back thanks to your reliability.
4. A modern PLM cloud is secure
We are all aware of high-profile security breaches. However, the cloud is not the Wild, Wild West as long as you avoid PLM cloud providers that mingle your data with others, upgrade without your say, take ownership of your data, and risk your IP! Always scrutinize security offered by cloud products to ensure your Intellectual Property remains just that. Choose a cloud provider that can secure IP with extended control across globally outsourced organizations, suppliers and partners. And don’t think that you necessarily have to pay a fortune to keep your data secure. Search for the advantages of the multi-tenant approach, and you will find the best of all worlds.
5. A modern PLM cloud can save you money
Cloud-based products have a more predictable cost structure than on-premise deployments that require your IT department to install and maintain. However, to really save your IT resources, you need to choose a provider that can turn it on quickly and will be upfront about all required fees. Imagine if you could cut operating and capital costs by 50%. It is possible with cloud computing. See some interesting statistics here. Plus, with a faster product development process in your hands, you’ll enjoy a nice ROI and benefit from being first-to-market.
See? The PLM cloud doesn’t have to be intimidating as long as you evaluate your options carefully and select a vendor you can trust. When you are ready, you can trust Oracle's PLM expertise to help you modernize product development processes in the cloud with security and reliability. For example, the Oracle Product Value Chain Cloud solution can help. Learn how you can increase your return on innovation and grow your business faster here and explore the nifty infographic below!