Today’s top manufacturing companies are facing a new threat, Innovation. Finding the next great idea to invest in and get to market quickly has changed, especially in the past few years. It's also common for businesses not to be able to determine if their current products are performing well. With this lack of information, how can you develop a new product or support a current product without having to worry about inhibiting revenue growth?
This is where traditional PLM systems fall short.
Today's innovation process requires a digitally enhanced PLM system. Legacy PLM systems were not designed to meet those needs. With the constant shift of business models, companies require a PLM solution that is tightly connected to their supply chain and built to scale with their business.
Manufacturing's future lies in the cloud
Since the early days of cloud computing, manufacturers have been reluctant to adopt PLM cloud solutions for various reasons. Perceived lack of security, disruptions of productivity due to technology changes, or a lack of expertise in-house, just to name a few.
However, companies that embrace digital transformation have found ways to thrive when working from anywhere during these past few years. With PLM in the cloud, you can collaborate with other colleagues in other parts of the world or in the office next door.
Listed below are a few reasons why a cloud PLM migration is a wise move for businesses of all sizes.
The information you have about your products and processes is the most important factor in manufacturing. Your product development and lifecycle management processes must be protected against both internal and external threats
With a Cloud PLM solution, you can feel confident that your data is safe and secure. Enterprise-grade security features make it virtually impossible for unauthorized access, ensuring that your data remains private and confidential.
As your company grows, your Cloud PLM systems will need to accommodate more data. With more data comes more opportunity for insights that can streamline your business processes. Your company can use those insights to continue growing and becoming more efficient.
Instead of sharing terminals and passwords, or having multiple people log into a single computer with their credentials - everyone has access from wherever they are!
If you have ever worked with a traditional on-premise PLM system, then you know how difficult it can be to keep up with the changing needs of your business.
It can take months or years to upgrade or make changes to an on-premise PLM system due to accessibility issues thru either geography, network, or lack of access to virtual information. With Cloud PLM, you can make changes or upgrades in hours, days, or weeks.
You can also scale your Cloud PLM system up or down quickly to accommodate changes in your business. If you need to add more users or storage, you can do so quickly and easily. Gone is the need to maintain a corps of IT staff to keep the system up, reliable, and up to date.
THE BOTTOM LINE
Costs are reduced with servers, upgrades, and maintenance off-premise. Everything is up to date with regular patches and fixes that your IT department does not have to worry about.
Nucleus Research found that cloud technology deployments deliver 4.01 times the ROI as on-premises deployments over the time period from January 2018 to November 2020. 1
The price of one mistake at your company can be millions of dollars since it can cause quality issues, production errors, approval delays, rework, and more.
ACCELERATE YOUR PATH TO MARKET
One of the biggest challenges for manufacturers has been getting product approval for launch. It’s a long journey from design to prototype to scaling production and fulfillment, each part of the process of determining each of those steps takes time.
With Cloud PLM you can get your products to market faster, easier, and with a larger ROI.
The biggest difference is the speed of deployment with cloud solutions commonly delivered on a timeline of weeks to months, while on-premises technology often takes multiple years. 1
SUCCESS THROUGH EXPERTISE
Even if your company has in-house PLM users many departments are recognizing the need to access a vast pool of resources outside their company.
The unemployment rate is currently at 3.6% however does that mean you are completely staffed. Are they up to speed on your legacy PLM?
Due to cost savings, flexibility and scalability, data security, data storage, and team collaboration, about 70% of firms have already shifted to cloud-based computing for part of their services. 2
Cloud PLM is straightforward for some, consulting a PLM expert will improve results, save time, and increase customer satisfaction.
Manufacturing has a bright future. Cloud PLM is here to stay.
If it wasn’t apparent with the past few years of business norm changes, cloud PLM capabilities are a necessity for any modern business. And those that adapt and embrace this new changing technology have been the ones that stand out from the crowd. The world is evolving to make use of the latest technologies, and the winners will be the ones who are able to come up with innovative solutions to emerging challenges.
If you would like to learn more about the next-generation solution Oracle Fusion Cloud PLM we have a webinar replay that will go into more detail register here.