The term Product Lifecycle Management was invented in the 1990s when enterprise software was emerging in the markets and helping teams create innovative products. Product Lifecycle Management applications were designed for speeding up the process from design to production in the market because back in the day, the companies were having a hard time keeping up with the speed of technology, innovation, and customer needs. Before Product Lifecycle Management software, the general product management ideas were keeping records on hardcover books, charts, and sheets. As the rate of change increased and product launch cycles decreased — Product Lifecycle Management systems emerged as a solution for original equipment manufacturers (OEMs) to gain a competitive edge and improve efficiency and control.
Product Lifecycle Management Applications generally are of two types, Cloud-based and On-Premise applications. the major benefit of using a cloud-based Product Lifecycle Management app is that it requires a minimal upfront cost, it is much cheaper to maintain and the total cost of the ownership is very low.
Today we are counting down the 5 reasons why you need a cloud-based PLM application.
Reports, Dashboards, and KPIs — Using a cloud-based PLM application allows you to have all your data across the teams into one single place, it helps the industries to create better reports and dashboards due to better data availability. KPIs become easier to track and maintain and the collaboration efforts on the products increases. This helps the industries to have a 360-degree view of the product lifecycle, manage discrepancies and solve problems across teams to deliver a better experience in building products.
No Infrastructure Cost — On-premise PLM increases the budget of managing and operating the plm at least 10x and the main reason is to build and maintain the infrastructure for the application. Most of the time, you will not be able to fully use that infrastructure and the hardware will soon go obsolete. To save the organization hundreds of thousands of dollars, a Cloud-based PLM application allows you to save. In an example cited by Forbes magazine, an eCommerce organization saved 37% on its IT running costs by moving to the cloud
On-Demand Scalability — Due to differences in size and requirements, the workload of each company varies. It changes from time to time based on the factors where the product is in the development process. With PLM applications running on the cloud, companies can effectively manage their workload and have an extra level of cost management as when the demand is higher you will be able to scale up and when it goes down you will be able to scale down
Remote Working — With the recent pandemic, remote work became a norm across all the industries but the pace of innovation didn’t stop during these tough times. According to a BusinessWire article, “53% of executives say their organizations place a high priority on innovation. Close to half of the businesses surveyed (42%) responded to the need by increasing innovation budgets”. With remote work as the need of time, Cloud-based PLM allows the team to be spread across the globe and still delivering their best.
Always Up to Date — Owning the servers is a tough job as we need to keep the backups, mitigating risks and keeping them updated always is a task on its own as you don’t know which part gets obsolete when. That’s when the Cloud-Based PLM becomes a boon for everyone as the product is always updated and secured because the people who are running the infrastructure, their job day in and day out is to manage the infrastructure and mitigate the risk for you so that you can focus on building great products.
Keeping all the points in mind, KloudPLM helps the customer abstract these difficulties so that they can go and build great products which their customers love. Starting today, start creating game-changing products without worrying about the plm software, infrastructure costs, or budget overruns.