Have you ever thought of a great idea but failed to execute on it? It happens all the time. In fact, most new products fail.
Oracle Fusion Cloud Product Lifecycle Management not only helps innovators find, select, and get their best ideas to market fast, but it also enables connected, end-to-end processes across the product lifecycle on a single platform.
With this intuitive PLM dashboard, you can select the ideas tab and drill down to see all the ideas that have been submitted in a single repository. The modern user interface provides an embedded analytics dashboard that lets you see where ideas came from and, since ideas can be voted on, which are trending.
Here we see this cardio fitness idea is popular.
When you look at more details, this idea for a Virtual Reality Trainer called the FIT5000 looks promising. With this collaborative innovation management tool, you can collect ideas and feedback from many sources including partners, suppliers, employees, and customers. It helps you structure the entire ideation process so that only your best ideas move forward.
Here you’ll notice a business proposal has already been created for the FIT5000 and enriched with images.
Here is a graphical breakdown of the product’s potential financial performance analytics and other KPIs. When you compare it to other ideas in your innovation pipeline, it looks like this new product offering meets your financial projections and is aligned with your corporate strategy.
Taking a closer look, this dashboard provides a full breakdown of your revenue projections and total expenses from all your products across different divisions and regions. It delivers insights like when the best time and place to launch the FIT5000 will be. You can evaluate your portfolio with strategic scorecards to find new opportunities or determine market fit. You can even score your regulatory compliance in that region.
When you filter down into the Brazilian market, you can see the projected launch date and revenue forecasts for all your in-progress innovations across multiple business units in Brazil. This helps you answer questions such as, Is there an opportunity to grow our business in this region?
It looks like the FIT5000 could be successful here. From this dashboard, you can open the product record and see all the product information for your new concept.
Before you decide to start manufacturing this new offering, you can build a rough concept structure using either existing components or placeholder components.
On the left, you can see the product’s requirements so you can document, verify, and validate each concept and make sure it’s achievable based on the proposal. Having a consolidated view of the concept and requirements helps your teams make the design process more efficient.
With this visual checkpoint, you’ll find out if all requirements have been met. If you haven’t met all requirements, you can see the impacts downstream, such as your speed to market.
When any change is made in the innovation process, you can navigate through the concept and easily assess how changes impact the product’s requirements and assemblies.
Now that we’ve decided to move forward with development, engineers can view operational and extended attributes such as ones from sales and marketing. If an item or component in your assembly structure has a quality issue, you can easily investigate.
That means, when you have a quality issue, you can fix the problem before it can impact your supply chain. You can also see if any other items were impacted.
Because you have a single view of quality, creating change orders is quick and easy. Here the affected objects of your change order are displayed.
This means that you have full traceability, and if there’s a quality issue, you can take quick, corrective actions to ensure quality is met at every stage of the product lifecycle with closed-loop quality processes.
If there’s an issue and a change order is required, you have a detailed overview of all the requirements and specifications. At this point, you can edit those technical specs to ensure your product still meets customer requirements when any change is made.
You can even view a detailed summary of all your change orders to see how each change affects your average overall cycle time and average overall approval time. This chart shows the origin of change orders and their associated metrics to help you improve business efficiency.
This holistic dashboard summarizes information from across the system, including change orders, quality issues, and requirements, in a single, comprehensive view.
You can compare how changes impact quality to see a view of everything that's going on in your development process and gain confidence that you’re investing in the right products to meet customer expectations.
Now our concept is ready to be released into production. Looking at an operations view of the FIT5000, the same product information that your development teams generated is reused across your organization. Operational-specific attributes are populated by defaults or using business rules and shared with teams for action as appropriate for their role.
Once your new product is ready to be released from development to commercialization, it’s also ready to be configured, made, marketed, sold, and shipped.
Here we have a work definition screen with an example on the right of product information being accurately represented at the point of sale, including all the differently configured options.
Being on a single platform with a common data model ensures that product specifications are accurately represented not only across manufacturing and supply chain but also through all the necessary channels, including marketing to the end customer.Learn more about Oracle Fusion Cloud Product Lifecycle Management and take a free PLM assessment.