Technological advancements have played a pivotal role to boost the growth of several industrial sectors such as the automobile, health care, chemicals, defense, manufacture, aerospace, and others. Just like other industrial domains, the manufacturing industry has also reaped the benefits of technological progress. Enterprise resource planning (ERP) software have enhanced the efficiencies in low to highly critical manufacturing operations.
ERP software has been consistently implemented in the manufacturing industry to organize important operations, fasten the process of warehouse and inventory tracking along with its management and have also improved the quality of customer service.
ERP software in the next 5 years
Initially, when ERP software was introduced, the manufacturing sector was slow to adapt to the different applications and benefits of the same. Gradually, large enterprises and market players within the manufacturing sector started investing in ERP software. However, small-scale market players and start-ups could not possibly install ERP for their enterprise as it was not cost-effective and a feasible option.
Gradually, the demand for ERP software grew and budget-friendly, reliable, and cost-effective ERP software for manufacturing started to enter the market. As a result, small market players within the manufacturing industry, SME, and start-ups started opting for ERP.
In the next 5-6 years, cloud-based ERP software along with real-time business intelligence reporting could potentially disrupt the ERP technology in the manufacturing sector. The aforementioned advantages of ERP are the main factors that are likely to push the growth of ERP software for manufacturers in the future. Currently, manufacturing companies are seeking an integration of cost-effective technology into their manufacturing processes to improve efficiency and workflow. The future of ERP software in the manufacturing sector has a tremendous scope and potential. The features of ERP for the manufacturing industry will propel the growth of this sector and streamline the overall process.
Although some experts suggest that the demand for ERP has slowed down in the last couple of years, there are several reasons why ERP will have a bright future.
1. Enhanced business reporting and analytics
Today, the existing manufacturing players are not able to leverage the internal data to its optimum limit. Moreover, several companies are not equipped with tools that help to track, churn out data spread across the company in real time that is influential to make business decisions. Additionally, in the current era, competition, forecasting sales, and tracking market trends is crucial. The next-generation ERP software will cater to all of the aforementioned issues manufacturers are likely to face. Further, companies are likely to be equipped with high-level of business intelligence, business analytics and important insights that will improve decision-making within the management.
2. Cloud-based and mobile ERP
Mobile ERP could potentially be the next big thing in the world of ERP software in the manufacturing sector as market players couple possibly opt for it due to the flexibility offered by it. Cloud-based and mobile ERP will make it easier for employees to view and analyze the sales trends, pricing, and inventory tracking on their smartphones or tablets. Cloud-based ERP will improve the productivity of the enterprise.
Radio frequency identification (RFID) integration and tracking included in ERP software will enhance warehouse automation in industrial manufacturing.
As technology is progressing at every stage, it is the ideal time for manufacturers to invest in ERP solutions. Next-gen ERP solutions will play an important role to improve the overall productivity and also help to keep track of crucial parameters within an enterprise.