Leverage technology to turn risks into benefits
After two tumultuous years, the manufacturing industry is rapidly rebuilding. However, constant market challenges such as labor shortages and supply chain delays continue to cloud the overall outlook for the industry, reducing operational efficiency and impeding the growth of the company. Competing in this new market demands business agility and innovation that can only be achieved by leveraging technology to enable flexibility and instill resilience.
Today, we’re seeing more and more solutions emerge to help address workforce disruptions, and industry leaders are prioritizing the implementation of technology to strengthen their business. In fact, according to Fictiv’s 2022 State of Manufacturing Report, over 90% of industry leaders responded that they are using or implementing digital manufacturing technology.
To better understand how manufacturers can turn risk into benefit and capture growth, we need to examine the solutions that manufacturers are drawing on today and the opportunities they present to improve their operations in the wake of various economic challenges.
Integrated Management Software
More than ever, manufacturers depend on fundamental process management solutions, like an enterprise resource planning (ERP) solution, to help manage and maintain business operations efficiently and securely remotely. According to ECI Software Solution’s latest report on the state of SMB digital transformation, 70% of manufacturers use an ERP solution to drive their day-to-day operations, and nearly 95% say their ERP has helped them manage the impacts of the pandemic.
By implementing an effective ERP solution, it gives manufacturers the flexibility they need to manage complex supply chain and inventory logistics operations, track material movement, and automate tasks. routine.
Cloud-based ERP solutions also play a vital role in enabling new levels of resilience, flexibility, and cybersecurity, as remote and hybrid working arrangements are here to stay. In fact, cloud computing adoption has grown rapidly since the pandemic began, with 94% of all businesses now using cloud-based services, according to CloudWards.
Manufacturers can shine a light on these advanced technology solutions and the professional mobility that comes with these solutions. This can include cloud-based applications that enable reliable, secure, hybrid and flexible working models to attract and retain employees more.
AI and machine learning
The integration of artificial intelligence (AI) and machine learning (ML) is another solution to help manage labor shortages. Using an intelligent ERP solution that includes automation tools allows manufacturers to achieve new levels of efficiency by eliminating the need to perform repetitive tasks and allowing individuals to focus on efforts at greater added value.
These intelligent systems can also generate more powerful business data that can be transferred into actionable insights for process improvement. For example, using artificial intelligence, companies can directly connect robust data from their ERP systems with real-time machine performance information, which can then be sent to the user through their ERP system, which makes it more consumable.
While collecting machine information and analyzing this data to make accurate business decisions, manufacturers tend to face challenges, which is a hindrance to success in our data-driven world. . As mentioned, by integrating an artificial intelligence platform, manufacturers can combine data from their ERP systems with real-time machine performance information to monitor and improve operational performance.
This creates visibility at an actionable level, which results in more efficient running of business operations and allows manufacturers to capitalize on the real-time insights needed to improve shop floor performance. Artificial intelligence platforms also allow operators and machine managers to connect using simple and intuitive interfaces, which helps prevent errors and avoid defects throughout the production process. .
Automated systems can also analyze real-time data and trigger actions that help reduce downtime, prevent risk of failure, and improve delivery of results. Overall, AI enables manufacturers to gain machine data insights, improve equipment efficiency and reduce downtime by leveraging AI to run business operations more efficiently.
Business Intelligence platforms are another solution to increase manufacturers’ results by automating their systems and reducing manual data entry and analysis. Through integration with an ERP solution, business intelligence enables manufacturers to make faster and more proactive business decisions. Business intelligence provides manufacturers with the tools to create and display real-time dashboards based on their ERP data.
With real-time data capabilities, manufacturers can be alerted to any issues or delays, allowing them to coordinate an alternate solution with other suppliers and vendors. This access to real-time data also allows manufacturers to be better prepared for future operations, manage costs, and extend overall functionality and data collection within their ERP solution. Ideally, this supports smarter, more informed business decisions and enriches the customer experience.
When implementing a business intelligence platform, manufacturers can improve productivity, supply chain management, inventory control, and quality control.
With today’s market challenges and changing customer expectations, it has become essential for manufacturers to understand and harness the powerful disruptive technologies available today and transform them into agile and adaptable organizations. Intelligent ERP solutions can help manufacturers do more with less and gain a competitive edge in times of high disruption and uncertainty. Manufacturers cannot afford to miss business opportunities due to an outdated technology stack.
Now is the time to invest in technology to turn risk into reward and capture growth.