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The novel concept of a smart factory also referred to as connected manufacturing is no more a distant dream in today’s world where AI, IoT and chatbots are increasingly turning mainstream. Yes, the business world is on the brink of Industry 4.0 aka the Fourth Industrial Revolution.
In fact, the fourth industrial revolution has already made its way into the manufacturing landscape, since it is greatly redefining old-school manufacturing processes. Industry 4.0 is proving out to be a boon when it comes to meeting diverse and evolving consumer demands and driving competitiveness in today’s volatile market. Long story short, Industry 4.0 is all about putting intelligence at the core of a business.
Now industry 4.0 is all about connected and agile manufacturing powered by a fine nexus of cloud computing, IoT (Internet of Things), mobile devices, etc. This calls for a robustly connected business environment. This is the reason ERP (Enterprise Resource Planning) becomes more important than ever.
Here are few questions businesses particularly the manufacturing ones ought to ask about their ERP to win the Industry 4.0 game:
Understand that Industry 4.0 is an ongoing journey and not a one-time project. Manufacturing businesses would get the most out of their ERP investment only if it were agile and flexible. This will help to embrace new business opportunities, workflows, and processes. Whether you opt to host your ERP system in-house or on cloud, it should allow you to switch between multiple processes whilst keeping up with evolving business processes and practices to retain agility.
Bracing up for the fourth industrial revolution calls for this quintessential factor. Your ERP system should not only provide modular components, but should also allow centralized data management. Next, to be industry 4.0 ready, your ERP ought to provide real-time data processing facilitating all the users with the access to same in real-time. Simply put, it should help keep everyone on the same page.
Read also: What does Industry 4.0 Revolution mean for the Manufacturing Industry?
Since we are talking about connect manufacturing where devices and equipment are more connected than ever, your ERP ought to sit at the heart of this facilitating seamless exchange of data. It should enable all the stakeholders to view relevant and accurate data pertaining to projects, raw materials, inventory, supply chain, etc.
Your ERP should not just streamline key operations, but should also help curb operational costs whilst driving operational efficiency. Further, it should help you get the most out of the gigantic amount of data that your business generates. Most importantly, to get aboard the fourth industrial revolution, your ERP ought to be able to learn critical business processes to eliminate error-prone mundane tasks whilst optimize key operations. AI can be a boon here when it comes to blending automation with ERP technology to free up a company’s employees from monotonous tasks.
Robust planning and features in an ERP software can ensure that business intelligence touches all the relevant areas in a company. Your ERP ought to be able to evaluate new business models to help make sound decisions. Businesses armed with next-gen ERP systems will be in the right position to keep up with the evolving and connected requisites of the Industry 4.0.
Take a look at your existing business solution to study how prepared and armed you are to dive into the Fourth Industrial Revolution or reach us here for a quick demo on how Sage 300 Cloud can help your business get ready for Industry 4.0 wave.