When the first wave of digitization hit us, the companies realized how important it is to evolve with time. When the first drone-delivered groceries became a thing, it was then the businesses started investing in this technology. Similarly, when the oracle agile PLM solution first came, the business world understood what they had been missing this entire time and how beneficial it could be for their daily operations. Scientists have established the fact that the future is PLM, cloud, digitalization, and their respective derivatives.
The Arrival of PLM Software Solution
Product markets experienced an unparalleled and exciting turn of events when Product lifecycle management solutions first hit the industries. A tool that derived success and changed the business dynamics forever was the first of its kind back in 1985. American Motors corporation were the pioneers to execute PLM for its product development process. There has been no turning back ever since its advent. From then on, the PLM software market began growing. In 2018 the PLM market hit a massive success with worth at $46 billion. The PLM market is expected to grow at an exponential rate with a staggering value of $67 billion by the year 2024. The primary reason for which is the evolving trend of artificial intelligence, machine learning, augmented reality, and data analytics.
With a higher inclination and bias of companies towards data analytics, data mining, and data platforms, PLM solutions are going to experience a great demand for data analytics in the global market. As the internet of things will gradually occupy every industry, including data analytics, the inclusion of PLM for workflow and processes will be imperative. In the forthcoming years, the data revolution will be encountered through PLM solutions. The method of data mining, fetching, processing, and analyzing would be coupled with PLM solutions to guarantee flawlessness in the system.
Artificial Intelligence and Autonomous Devices
Autonomous devices and vehicles, or self-driven cars are the future of artificial intelligence. This process is, however, complicated and requires technological input to a greater extent. Developers or businesses working in this regard are faced with complex operational and manufacturing challenges. From reevaluating the current techniques and technology to manufacturing complex technical structures, PLM services will be required by the developers. PLM solutions will contribute to
- Planning and designing the autonomous vehicle
- Designing the sophisticated infrastructure of the vehicles
- Complex software installation as a part of product development
- Aligning organizational needs with that of the market
- Achieving maximum ROI through marketing ventures
Digitalization Crossover with PLM Solution
Digitalization is the transformation of tangible and physical products into digital goods. The digital goods are highly sophisticated, problem-solving, efficient, rapid in response, and non-perishable mostly. To create this replica of the physical product or digital twin, industrial transformation is required, from changing the mindset of people, to changing the manufacturing process and marketing activities. As the work goes under transformation, so does the entire dynamic of the organization. To better understand, market, manufacture, and improve the product, lifecycle management tools would be required. The future sees an increasing trend of PLM solution implementation on the following grounds,
- Change of ideology of the organizational staff and personnel
- Conflict resolution along the way
- The manufacturing process of the digital product (software capabilities)
- Improvement in the product development process, quality of the process, process scalability, production capabilities, and digital supply chain
- Reduction in production cost
- Evaluating the success of a digital product
The production process will experience the change, customization according to needs will occur, change in the business ideology, strategy and principle will undergo. To efficiently handle the changes along the process, PLM tools and methods will be required.
Along with these fundamental requirements, oracle agile plm support would be on the rise for cloud migration, market analysis purposes, channel analysis for marketing activities, and understanding of market forces and drivers. The coming years will present a concrete picture of rising PLM benefits in different industries. You, my friend, require the eye of an entrepreneur and businessman to assess the need!