5 trends in manufacturing technology
What are 5 of the latest trends in manufacturing technology you should know about?
Since a new ERP system is a significant investment (not only in terms of money, but in terms of time and human effort also) it is only right that you consider some of the latest trends affecting the software.
In doing so, you will be better equipped to anticipate changes to ERP in the near future and to benefit from these innovations, instead of being left behind by the competition.
With this in mind, here are 5 of the latest trends in manufacturing technology you should know about.
An increase in cloud adoption
For a long time now, ERP has lagged behind CRM and HR systems when it comes to cloud adoption.
However, in recent years, the move to cloud has accelerated greatly and has been assisted further by a further openness to new systems caused by the pandemic and Brexit.
Cloud has rightly been viewed as a faster, cheaper and simpler method of automating and integrating a businesses’ operations, but more recently, it has begun to be viewed as pathway to new technologies.
Choosing cloud is one way for manufacturers to benefit from ERP without the need for large departments dedicated to maintaining their systems.
This allows small to medium size businesses the chance to adopt new ERP technology with the help of just one or two dedicated IT staff, as opposed to a whole department’s worth.
Costs may fall significantly as a result, particularly over the long term.
While on-premise ERP still has an important role to play, the adoption of cloud-based systems is only going to become more common in future years.
The Internet of Things (IoT)
The Internet of Things (IoT) describes the growing connections between an ERP system and other devices.
This allows for better efficiencies, greater asset management, instant data insights and boosted business intelligence, among other benefits.
IoTs also allows for AI-learning, e-commerce improvements and real-time analytics – and this is just the tip of the iceberg when it comes to its potential for assisting business growth.
With this in mind, it is no surprise that the growth of the IoTs within manufacturing is only accelerating and will continue to move faster as time goes on.
The advent of remote working due to the pandemic has only boosted the need for further adoption and the business insights this will bring.
More flexible solutions
As time goes on, manufacturers are likely to seek out ERP solutions that are built to accommodate their needs and are specialised to cope with the demands of their industry.
Rather than relying on customisations, this may facilitate a preference for personalised solutions that require limited configuration and can be handled in part by an outside party.
While this may not seem like an advance, the increased specialisation of the product is likely to reduce the need for expensive IT teams, allowing a business to get on with the problem of managing operations and reacting to opportunities rather than system errors.
A move towards advanced technology trends in manufacturing
Businesses are increasingly looking to advanced technologies as a way to navigate complex challenges.
This could mean a greater shift towards predictive analytics and AI as the technologies become more sophisticated.
In many cases, this could be applied to predictive methods of forecasting and improved inventory planning, cutting down on waste and fine-tuning stock levels while making ordering more proactive and less reactive.
These advanced technologies are likely to be harnessed by companies to solve problems in real-time, simplifying logistical problems within the supply chain or identifying what equipment needs fixing and when.
Reducing the likelihood of human error with new technologies is quickly becoming a more realistic prospect.
The rise and rise of E-commerce
The rise of E-commerce is making the distinction between retailors, manufacturers and distributors difficult to identify.
As time goes on, it is growing more likely that manufacturers will invest in e-commerce channels while distributors and retailors focus more than ever before on manufacturing their products.
This is leading to complex business models where the lines between one type of business and other are increasingly blurred.
In turn, ERP systems will need to be adaptable enough to cope with the multiple and challenging demands of these new businesses.
This will likely lead to e-commerce becoming a bigger driver for many ERP implementations than in previous years.
This is liable to accelerate due to the effects of the recent pandemic and the shift to greater online shopping that has occurred as a result.
Are you interested in getting to grips with ERP trends in manufacturing technology before investing in a new implementation? Perhaps you want to put these trends to use to get more from your current system? If so, please get in touch with an ERP expert by clicking here.