Understanding Product Lifecycle Management
Anyone that has made a product knows that there are lots of little steps to get to the end result. In order to keep track of all of these steps and data, product lifecycle management was invented. This will follow a product from how it was thought of, to designing it, manufacturing it, servicing it, and disposing of the product. It is not only about the product, but also about the people, data, process, and business system that involve the product. You can find everything you need to know about a product here because it is all encompassing.
Most companies use agile product lifecycle management cloud because it benefits their business in many ways. It helps in getting the product to the market faster, which increases profits. It also helps the company be able to make the product better and more reliable. It also cuts down costs for making prototypes. It helps them to see the market and identify potential sales. Research on a product is expensive, so not having to duplicate any research is important. There isn't any waste when you know how much material you need to make the right number of products.
Product lifecycle management is comprised of five main areas. The first is systems engineering. This area is where a lot of data and organization strategies are found. This area outlines how to coordinate all the systems involved in making the product in order to meet customer needs. Another area involved is called product and portfolio management. This area is in charge of resource allocation and tracking the progress of projects. Which products get money and all the new products are organized by this area. Visit http://en.wikipedia.org/wiki/Product_lifecycle_management for more information about product lifecycle management.
Product design is simply creating the new product to distribute. The next area, manufacturing process management, shows how the product will be made and then how to distribute it. The information about the product is contained within the product data management area. How the product is developed and used is all explained in this area. Using all of these areas will result in a better product for the consumer, as well as higher profits for the company.
Simplifying the Oracle process further may help in understanding it. An idea is where the entire process starts. After the idea, you will need to make a detailed design and then a prototype. The product then needs to be tested. A plan for making lots of the product needs to be designed and then executed. The next step is making the product in mass. The products are sold and delivered to the consumers where they are used for their intended purposes. They may need to be maintained or repaired. Eventually they are discarded. These are simplified steps to the process, but they are used by every company. Each company will use the steps in a different way.
