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It is possible to derive value from Product Lifecycle Management (PLM) solutions in a variety of ways, including: faster introduction of products; lower cost of products; increased product sales; higher product quality; reduced waste; and more valuable product portfolios. However, compliance management is one area that does not receive nearly as much attention as it should. The difficulty with failing to manage compliance is that a substantial portion of the value associated with Product Lifecycle Management is dependent on handling compliance in a cost-effective manner. On the other hand, substantial non-compliance incidents that have a negative impact on the business through fines and penalties, unfavorable publicity, or the inability to sell new products in important markets, which may swiftly undo all of the benefits gained through PLM. Although compliance risk is not a widely discussed topic, it is vital to the creation and selling of successful products, as well as to the achievement of responsible, long-term business profitability.

Businesses in the modern era achieve success in various ways. Companies today want to achieve a frictionless relationship with their customers along with the development of high-quality products, which is not possible without adopting the new technologies.

Against the backdrop of the global pandemic, the growing concerns of businesses around sustainable business models, supply chain resilience and profitable product development have speeded the adoption of reliable PLM platforms. As a result, PLM solutions are also constantly improving to meet the evolving needs of businesses. PLM is no longer the only software focusing on the design and engineering of the product; it's evolved into an enterprise platform. In this blog, we discuss how the updated PLM can make your business run more efficiently.

The beginning of the year 2021 has brought a great sense of relief and hope for a much better year ahead. Despite all the hardships, the past year has been a year of change and adaptability for all of us. Businesses worldwide have witnessed an unprecedented pace to deploy digital initiatives, supporting new working models, changing customer expectations, and overall business continuity.

Every business has its own way of handling product data. While being unique is important in individualization, this prevents effective collaboration and information sharing. PLM SME (Subject Matter Expert) Tom Nelson led our GoSaaS Webinar on 2/28, describing how the cloud fits into your PLM strategy and processes. Through the Oracle PLM Cloud, you can unify the entirety of your product and supply chain processes on one integrated platform – from ideation to commercialization. The benefits are numerous, including a reduction of costs from prototyping and scrapping, centralizing data, improvement on internal and external collaboration throughout the entire product lifecycle and an entire process automation leading to a faster time to market/launching.