The manufacturing industry is facing significant challenges as it heads into the new year. Deloitte’s 2024 Manufacturing Industry Outlook highlights how the sector continues to face the headwinds of economic uncertainty, labour shortages, supply chain disruptions, and growing pressure to meet net-zero objectives. The sector, therefore, needs to leverage technology effectively to navigate these hurdles while minimising the burdens of cost, complexity, and legacy infrastructure.
Companies need tools that allow them to implement smart factory capabilities, such as improved predictive and proactive maintenance, better worker safety and productivity, the optimisation of processes, and the ability to deal with supply chain issues in an agile way.
As Gartner points out, technology is reshaping the manufacturing industry and companies are seeking out solutions that allow them to benefit from a host of Industry 4.0 technologies, including advanced robotics, artificial intelligence (AI), and the Internet of Things (IoT).
However, finding the right technology is proving a pain point for manufacturers. Where do they start? Which is the right technology for their business? How will the technologies they choose shape their ability to deal with emerging challenges?
For enterprise resource planning (ERP) solutions in the manufacturing space, future success rests on how these solutions are served, integrated, and managed by service providers. Moving into 2024, manufacturers need ERP platforms that incorporate:
– Automation tools that minimise repetitive tasks. This capability will enable skilled employees to spend more time working on strategically important projects. Besides improving operational efficiency, automation also reduces the friction felt by companies as they struggle to manage the capacity of skilled workers.
– Seamless integration with supply chain processes reduces reliance on manual and error-prone ways of working and streamlines critical factors such as order processing, demand forecasting, and inventory management. If your ERP offers improved visibility and control, your business is more resilient against supply chain disruptions thanks to forward planning and forecasting.
– Strategic planning and management tools that your organisation can use to streamline financial operations, manage sales processes, and refine departmental operations throughout your business. Your ERP should ensure you can manage every critical part of your business from a centralised space that grants you access and visibility into inventory, supply, planning, data and more. This includes the ability to use real-time data analytics for planning and monitoring—helping your business to seize new opportunities and stay ahead of customer purchasing trends.
– Actionable insights for business resilience. Your ERP must streamline workflows and customer experiences with business intelligence tools to ensure improved quality of service, optimised product development, and enhanced service delivery. This ability ensures that your company can offer value to your customers under tough economic conditions thanks to accessible insights and user-friendly tools that increase efficiency, drive profits, and build a stable business.
At Mint, we often witness the transformative power of effective ERP integration on business efficiency, and this is no different for organizations in the manufacturing space. Reach out to us if you are looking for an ERP system that can help you future-proof your business, increase profitability, and mitigate manufacturing risk. Also keep an eye on our LinkedIn feed, where I will share real use cases with practical examples of how our clients are doing all the above.