Data and analytics have changed how business is done in almost every industry you can think of in ways that are still hard to comprehend. Imagine a world where information technology was processed without the need for an IT specialist. Imagine producing goods that consumers will buy even before they realise they will. Imagine a machine that alerts you months in advance that it needs repairs. All of the above is already taking place in factories across the nation, despite the fact that it may sound like futuristic fantasies. And they may start happening at your factory too with the help of contemporary Enterprise Resource Planning (ERP) software, which is capable of mining and processing data and analytics for all areas of your organisation.
With advanced ERP software, all aspects of your business, from financial statements to supply chain and machine management, will begin generating data and then using that data to operate more efficiently and more profitably.
According to a recently published study from Dressner Advisory Services:
of manufacturers who use business analytics say they have been successful
said analytics were essential to their business.
Let's explore just a few of the various ways that data is influencing the management and operation of manufacturing organisations.
1) Bridge Gaps in Communication
Many manufacturing facilities have hundreds to thousands of personnel, all of whom are working on various projects, in various departments, and frequently in various locations. Even when synchronisation is most important, it's frequently almost impossible to have that many individuals on the same page. That is, of course, without intelligent and data-driven business analytics.
Business insights make everyone's job simpler by providing them with the information they need to complete their responsibilities as effectively as possible. But more crucially, the data's contents will be unified and uniform across the board, ensuring that everyone is working toward the same objective and providing all staff with access to the same insights.
Free up time and cut back on mistakes
Here are just a few examples of what suddenly becomes possible when information is consistent, easy to interpret and at everyone’s fingertips:
No more manually inputting numbers into spreadsheets
No more processing reams of raw data by hand
No more interpreting data by intuition
2) Reimagine your Research & Development
If a manufacturing organisation isn't continually developing, optimising, and diversifying its product and service offerings, it can't expect to stay competitive or even afloat.
There is little doubt that your money is going toward research and development as a result. With the use of data analytics software, it is possible to improve process efficiency, accuracy, and cost with access to the appropriate business insights. Analytics make it possible to broaden the focus of your R&D. In order to eliminate guesswork and guarantee greater design-to-value margins, many ERP systems can build a co-creation platform where customers and suppliers can influence the design of new goods via crowdsourced feedback. Many manufacturing companies have even been able to considerably improve their business strategy through the identification of previously unnoticed trends, in addition to developing new products. Small changes in strategy can result in significant changes in profit margin, and this is made feasible by a deeper grasp of industry trends and improved customer communication.
3) Create More Link to Your Supply Chain
A manufacturing operation can only be as productive and profitable as its supply chain allows. When the need for supplies and raw materials is so great, and often so variable, it can lead to a clunky process that involves multiple vendors and pricing models that are difficult to track.
With a data-driven and easy-to-manage ERP however, you can gain new perspective on the inner-workings of your supply chain. You’ll know when, how much and from who to order the materials that keep your factory producing. It can also help you get a clearer picture of your own inventory and a better understanding of how long that inventory might last when assessed through the lens of sales data and environmental factors.
Using analytics, a manufacturing operation can generate reports on all of the suppliers it currently uses, along with all of the other potential supplier relationships within a certain desired proximity. This will allow the manufacturer to make choices based on pricing, inventory and potential environmental constraints. It can also allow for better negotiation leverage, and the ability to consolidate the supply chain across as few vendors and pricing models as possible.
Contact Finsoft now for a professional consulting and let us be your trusted digital transformation partner!